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

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