Retest of 1972 by Head and Shoulders Pattern?

17 nov. 2023

Gold has found support by the trend channel in 1933-1945 and rose sharply to 1988 on Wednesday. But today it faced heavy selling pressure at the 1993 key level and corrected to 1980. There is a high chance, that gold will revisit at least 1972 and a potential Head and Shoulders Pattern is already forming.

You can trade the break of the neckline or a pullback towards 1986, if you see bearish signs at the red lines.

Important resistance zone: 1986-1988

Take profit level: 1972 and 1967

19 nov. 2023

Trade fermée manuellement

40 Pips from 1982 so far, took profit for the moment as the channel uptrend line gave support.

19 nov. 2023

Note

The picture changed a bit as the neckline already broke. There is a possibility of a retest and further short movement, If the price can hold over 1982 the risk of shorting is to high now.

20 nov. 2023

Trade fermée: cible de profit atteinte

Target reached easily. Couldn't trade the retest as it happend during the Asia session, but I would have been a wonderful trade. Closing this idea, moving on to the next one.

Full movement: 100 Pips for TP1, 150 Pips for TP2

Hopefully you made money out of this idea :)