GOLD, a head&shoulder pattern forming!
Baically Gold is trying find a rather steady way to breakthrough, that's why we can s this pattern from the Chart H4.
Now Gold is facing the challenge from the right part of the "neck line"=L1225.
We will see a breakthrough after this H4 ends well with a big red candle, which is Plan A, otherwise it may fall back to...
1163 will be the Resistance for WAVE3-5, AND it's quite important a resistance. Will impulse up to 1177 once it got broken.
Support levels are 1150 and 1144 as marked.
So, wait and see.
VM-RED Trading Strategy:
A typical .886 combinationof Fib has formed.
So, a VM-RED strategy can be adopted to take this trade. Although we've missed the best entry level, it's the thought that matters!
As shown in the chart.
entering the support zone soon = 1.25
which is the support of:
two uptrending trendlines;
1.27ext, also a potential ab=cd / cypher pattern;
well, I hope this is enough to support on 1.25.