HEAD AND SHOULDERS ALMOST COMPLETE

On December 3rd, Gold rejected the 1823.90 price area and rose above it to create the left shoulder. This area is the neckline of the head and shoulders. Since then, it’s retested that’s area on December 7th just before rising up again and creating the head of the head and shoulders pattern. Lower lows and lower highs indicate a strong bear indication as well as the current price being below the 10-day moving average and the 50-day moving average on the H4. Possible continuation to the 200-day moving average on the D1 which is also the -0.618 Fibonacci extension level.

Stop Loss: 1833.50
TP1: 1819
TP2: 1814

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