XAUUSD: Head and Shoulders targeting the 4H MA200

Gold is forming a Head and Shoulders pattern on the 4H timeframe, which is turning bearish (RSI = 44.053, MACD = 0.190, ADX = 23.859) as the price can't stay over the 4H MA50, which has turned flat.

If the price closes under the neckline of the pattern, we will short and target the 2.0 Fibonacci extension (TP = 1,935.50), which is slightly over the 4H MA200.

See how well our prior idea has worked:


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