GOLD Inverted Head and Shoulders Pattern Shows Buyers

Dear Traders,

The Gold has formed a rising bullish head and shoulders pattern on 4h timeframe. We should see a move up.

The price spiked to 1650 yesterday after an unexpected FED rate cut. The flight to a safe haven such as GOLD was expected after the rate cut. At this point, we can see that 1625 zone is a support area where we expect the price to continue further up. If the trend line is broken, 1658 should be next. If 1620 breaks lower, the pattern will be invalidated.

The Analysis has been done with the CAMMACD.Core and Sit Systems