inverted head and shoulders pattern ?

Gold Spot (XAUUSD)FXOpen

Description

⋅ Aug 3, 2023 11:57 AM

gold price are again sideway between 1980 and 1930 level

technically it has made inverted head and shoulders pattern
but market moves on fundamentals so it waiting for ISM PMI today than NFP tomorrow

1930 support and 1980 resistance
above two news will decide where price will go next

if support 1930 breaks than gold is dead
if holds than welcome to stagflation

Head and Shoulders

Comments

flexthejuvat

⋅ Aug 3, 2023 11:25 PM

I hope so, my friend, but if you look at a longer term, it looks like potentially a larger head & shoulders. Left shoulder in late January '23. It looks a lot more pronounced if you look at the GDX. I hope I'm wrong!

Sangam-Agarwal

⋅ Aug 4, 2023 6:30 AM

@flexthejuvat, share your chart image

AHAD_FX

⋅ Aug 3, 2023 2:10 PM

can we buy ? what do u think

Sangam-Agarwal

⋅ Aug 3, 2023 2:24 PM

@AHAD_FX, it is strong support , on h1 you can