XAU/USD: another “Head and Shoulders”

XAU/USD: another “Head and Shoulders”

Trade idea:

SELL 1307; TP1 1300; TP2 1295; SL 1310

XAU/USD keeps declining after it failed to break above 78.6% Fibonacci retracement of April-August decline in the 1321 area. On D1, Awesome oscillator formed a lower high. In its correction down, gold may test November-January support line at 1295.

On H4, we can see a “Head and Shoulders” pattern with the neckline around 1309. The idea is to sell gold on recovery to this area targeting 1300 and 1295.

gold h4.png


USD Regains Strenght

Looking ahead, highlights from macroeconomic calendar include EZ Sentiment Index and Fed’s Evans speech who is a Fed non-voter. Rise in US-China tensions (WeChat specifically) sends US dollar higher.

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