Gold Has Formed Huge Head And Shoulders Pattern
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Source: Admiral Markets MT5 with MT5SE Add-on
Gold has formed a giant head and shoulders pattern after the price failed to reach W H4 resistance. At this point, we see that the price is contained below D H3. If it doesn't retrace towards the POC, then watch for a rejection towards D L4 and D L5. Retracement into the POC zone 1322-24 should reject the price, and we might see a retest of 1319 with 1311 as the final target.
W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)
W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone).
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