XAUUSD: Sell opportunity on Inverse Head and Shoulders

7 באפר׳ 2020

Gold is trading on an Inverse Head and Shoulders pattern with the Right Shoulder repeating the Left Shoulder sequence. On the 4H chart it is clearer (RSI = 63.637, MACD = 12.780, ADX = 53.651) as the MACD is repeating the crosses on the exact same spots.

On the MA50 (blue line), which last week supported the current uptrend, breaks then we are expecting a drop first to the 0.5 Fibonacci = 1,577.50 and the 0.786 = 1,505.00 in extension.




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