Recently, the expected Head and Shoulders pattern seems to be delayed — and possibly invalidated — as buyers successfully defended the line at $3,287, pushing the price up to $3,319 on Friday. As a result, a new bullish setup has emerged.
On the 1-hour chart, an XABCD harmonic pattern has clearly formed, offering two upside targets:
Target 1: $3,367
Target 2: $3,435
On the downside, $3,260 is now acting as the critical level. A break below this point could open the door for lower prices.
For now, the bias is long until Target 1 at $3,367 is reached. Traders should monitor short-term sentiment closely: if signs of weakness or a shift appear, the price could reverse earlier.
Important to note: the Head and Shoulders pattern remains a risk if price falls below $3,260 after reaching $3,370 and moves toward the neckline at $3,237.
📍 Summary:
Idea: Go long toward $3,367.
Risk: Head and Shoulders pattern could still complete if bearish momentum returns.
Stay sharp and manage your risk accordingly!
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This is just my personal market idea and not financial advice! 📢 Trading gold and other financial instruments carries risks – only invest what you can afford to lose. Always do your own analysis, use solid risk management, and trade responsibly.
Good luck and safe trading! 🚀📊
On the 1-hour chart, an XABCD harmonic pattern has clearly formed, offering two upside targets:
Target 1: $3,367
Target 2: $3,435
On the downside, $3,260 is now acting as the critical level. A break below this point could open the door for lower prices.
For now, the bias is long until Target 1 at $3,367 is reached. Traders should monitor short-term sentiment closely: if signs of weakness or a shift appear, the price could reverse earlier.
Important to note: the Head and Shoulders pattern remains a risk if price falls below $3,260 after reaching $3,370 and moves toward the neckline at $3,237.
📍 Summary:
Idea: Go long toward $3,367.
Risk: Head and Shoulders pattern could still complete if bearish momentum returns.
Stay sharp and manage your risk accordingly!
-------------------------------------------------------------------------
This is just my personal market idea and not financial advice! 📢 Trading gold and other financial instruments carries risks – only invest what you can afford to lose. Always do your own analysis, use solid risk management, and trade responsibly.
Good luck and safe trading! 🚀📊
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.