On 7th March , GOLD started the formation of a head and shoulders pattern . As of today the pattern seems to have finished forming and is ready to begin its descent .i'll wait for a pullback till 1972.11 till the 200 EMA on 1 hour chart and then take Target till 1913!!
SELL target 1774
Our trade played out nicely for the buy and as discussed we took our sell from that buy target. Our target for this sell is 1774. We are taking our sells with small lots and tight stops, as our overall analysis still expects another Bull run.
CHART OBSERVATIONS
H1 Chart
Ranging between Support 1789 and Resistance 1797
Price and Moving averages...