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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