Gold Head and Shoulders Formation in Progress

The Gold is forming a potential Head and Shoulders pattern close to D H4 support. The pattern will become valid if the price rejects from the 1227.90-1231.45 zone. In that case, sellers will resume control and the price should reach 1220.89. If the price breaks 1217.30 to the downside, the way to 1211.58 will be open.

• W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
• W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
• W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
• D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
• D L3 – Daily Camarilla Pivot (Daily Support)
• D L4 – Daily H4 Camarilla (Very Strong Daily Support)
• POC – Point Of Confluence (The zone where we expect the price to react aka entry zone)

Best wishes,

Nenad

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