home-logo

GOLD Inverted SHS Pattern for Bullish Continuation

thumbnail image

GOLD Technical Analysis

  • GOLD is mostly ranging
  • We can clearly see the inv. SHS pattern
  • The break of the trend line is bullish
  • The target is 1808 on a breakout

H4 CHART GOLD

  1. Left Shoulder Low
  2. The Head
  3. The Right Shoulder Low
  4. The breakout point
  5. The target
The price is currently supported. We can see lots of buying pressure from the W L3 support. Candlesticks are bullish and imply a possible breakout. The trend line acts as a resistance and breakout point. The break of the trend line and the market will go higher. Targets are 1775 W H3 camarilla pivot, followed by 1787 and 1808. 1808 is the W H5 camarilla pivot and it's the previous zone where we can see selling pressure.