Potential Gold Downtrend

6 באוק׳ 2021

A head and shoulders pattern is evident on the 1 hour time frame. We could potentially see price fall below the marked level of support. I am hesitant to take this trade at the time being however; I would wait to see if price is able to fall below the level, then I will wait for a retest and further confirmation of a downtrend before potentially entering into a short trade.