Hi everyone, happy weekend!
Through my analysis on XAU/USD seems to be a classic head and shoulders pattern could be forming on the daily , with the left shoulder and head currently formed, could potentially be seeing the right shoulder forming over the next 2/3 weeks. If it does then I will be expecting the price to drop to 1275.80 before a retest of the neck line at 1303.95 if rejected with a strong bearish momentum, I could see it dropping between 1266 and 1240 zone to make the another test of the weekly trend line.
Through my analysis on XAU/USD seems to be a classic head and shoulders pattern could be forming on the daily , with the left shoulder and head currently formed, could potentially be seeing the right shoulder forming over the next 2/3 weeks. If it does then I will be expecting the price to drop to 1275.80 before a retest of the neck line at 1303.95 if rejected with a strong bearish momentum, I could see it dropping between 1266 and 1240 zone to make the another test of the weekly trend line.