As it is the case with all USD pairs, Gold is no different. A Sharp rise, multiple rejections then a downtrend.
Looking at the 4hrs chart we see a Head and Shoulders bearish pattern formed and confirmed after breaking below the neckline. Considering that DXY is likely going to confirm an Inverse H$S we see Gold continuing bearish momentum:
1) Testing 100MA at 1731.5 - if it did not rebound then 2 & 3 as well.
2) Pullback to Fibo levels
3) Testing the demand zone between 1703 & 1713
Love, Lacasafxfamily
Looking at the 4hrs chart we see a Head and Shoulders bearish pattern formed and confirmed after breaking below the neckline. Considering that DXY is likely going to confirm an Inverse H$S we see Gold continuing bearish momentum:
1) Testing 100MA at 1731.5 - if it did not rebound then 2 & 3 as well.
2) Pullback to Fibo levels
3) Testing the demand zone between 1703 & 1713
Love, Lacasafxfamily
