#GOLD ANALYSIS ⟶ HEAD & SHOULDERS PATTERN!!
📉📈GOLD / ⏳1-Hour Timeframe
👉Following up on the previous post, considering the price touching the mid-line of the 4-hour bullish channel:
👉There is a potential for growth based on the formation of a head and shoulders pattern or continued decline based on the breakdown of the head and shoulders channel.
✅Growth Scenario:
If the price grows and breaks above the neck-line of the head and shoulders pattern, it can form a bottom here and continue its growth.
🎯Targets:
Target 1: 2535
Target 2: 2566.5
Target 3: 2581.75
Target 4: 2608.6
⚠️If it doesn't confirm growth from here, we should look for signs of growth at one of the support levels:
Support 1: 2477.725-2482.524
Support 2: 2431.590
✅Continued Decline Scenario:
If the head and shoulders channel breaks downwards,
🎯In this case, the decline will continue to the following targets:
Target 1: 2477.7-2482.524
Target 2: 2451.4
Target 3: 2431.6
⚠️Based on the previous post about GOLD, the overall decline is temporary, and a bottom will form at one of the targets, especially target 1 or 3, and growth will start (if it doesn't confirm growth from here!).
👉Following up on the previous post, considering the price touching the mid-line of the 4-hour bullish channel:
👉There is a potential for growth based on the formation of a head and shoulders pattern or continued decline based on the breakdown of the head and shoulders channel.
✅Growth Scenario:
If the price grows and breaks above the neck-line of the head and shoulders pattern, it can form a bottom here and continue its growth.
🎯Targets:
Target 1: 2535
Target 2: 2566.5
Target 3: 2581.75
Target 4: 2608.6
⚠️If it doesn't confirm growth from here, we should look for signs of growth at one of the support levels:
Support 1: 2477.725-2482.524
Support 2: 2431.590
✅Continued Decline Scenario:
If the head and shoulders channel breaks downwards,
🎯In this case, the decline will continue to the following targets:
Target 1: 2477.7-2482.524
Target 2: 2451.4
Target 3: 2431.6
⚠️Based on the previous post about GOLD, the overall decline is temporary, and a bottom will form at one of the targets, especially target 1 or 3, and growth will start (if it doesn't confirm growth from here!).
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