Potential Head and Shoulders Pattern on XAUUSD (Gold)

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Chart: XAUUSD (Gold) on the 15-minute timeframe (based on "XAUUSD-15-OANDA" in the image).

Pattern: Possible Inverted Head and Shoulders. The image highlights what appears to be a developing head and shoulders pattern.

Key Observations:

Head and Shoulders Formation: The image indicates a possible left shoulder, a head, and what could become a right shoulder.
Fibonacci Retracement: There's a Fibonacci retracement level of 0.618 marked from the head to the potential right shoulder.
Trendline: A downward-sloping trendline connects the highs of the pattern.
Support/Resistance Levels: Horizontal yellow lines suggest potential support or resistance areas.

Penafian

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