XAU/USD – Bearish Setup Unfolding Head Shoulders Pattern in play
GOLD has been showing signs of exhaustion after a strong bullish run and now we might be witnessing a textbook Head & Shoulders reversal pattern forming on the 30-minute chartWhat’s Happening
Trendline broken Momentum has shifted with a clear break below the ascending trendline
BOS (Break of Structure) and CHOCH (Change of Character) signals suggest a potential change in market sentiment
Left Shoulder Head Right Shoulder A clean H&S pattern is forming with price now possibly completing the right shoulder
Watch These Levels
Resistance Around 3356 – 3318
Bearish targets 3288 3259 and deeper into 3218 and 3193 support zones if the neckline breaks
What to Expect
We could see a short-term rally to complete the right shoulder before a potential breakdown If price breaks and retests the neckline it could open the door for a deeper move south
Keep an eye on price action around these key levels for confirmation As always stay sharp and manage your risk
Trade active
600pips runnTrade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.