GOLD Technical Analysis

• Gold is dropping
• Investors take money from gold into cryptos
• 1765 is resistance
• Bearish SHS pattern spotted

H4 CHART GOLD

1. The top of the right shoulder
2. The head of the pattern
3. The top of the left shoulder
4. The entry zone

The price is currently retracing from the top of the right shoulder. We should see the market moving down towards 1740-35 zone. If bearish momentum persists the final target is 1722. Have in mind that gold is very volatile market so once you are in a trade, you should be protecting it with different price action management techniques. W L3 support is 1735 so short traders might start profit taking around that level. There are no bulls until 1735-40 so there is plenty of room for securing profits and profit taking.