XAUUSD(GOLD) on 4HR Timeframe

My short-term forecast for Gold predicts that it will stay below the 1900-1920's handle, as there's major resistance (4 HR, Daily, Weekly and Monthly). According to my calculation, I believe the following patterns is forming or have formed: Bearish Gartley/Bearish Flag/Head & Shoulders. I expect this to retest the mentioned zone and fall back short, however in order for the bears to take control it needs to break the lower channel trendline handle at 1865. If achieved, this should dump gold back to the 1930-1940 area or below. A breach of the daily pivot based around that area should further drop this below the 1700's. I hope this help - Happy Holidays!

Commentaire:

My short-term forecast for Gold prediction is that it will stay below the 1900-1920 handle, as there are major resistances hovering around in that area (4HR, Daily, Weekly and Monthly). According to my calculation, I believe the following patterns is currently forming or have already formed: Bearish Gartley/ Bearish Flag/ Head & Shoulders . I expect this to retest the 1900 zone once again and fall back short, however in order for the bears to take control it really needs to break the lower channel trendline handle at 1865. If achieved, this should dump gold back to the 1930-1940 area or below. A breach of the daily pivot , based around that area, should further drop this below the 1700's. I hope this helps. Happy Holidays!

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