GOLD - Head + Shoulders reversal pattern within Descending Wedge
- As discussed in my previous analysis of gold, I believe price is forming within a descending wedge pattern:
- Price now appears to be forming an inverse Head and Shoulders Bullish reversal pattern within the wedge with the fake-out ( as discussed in my previous chart here:
) forming the "Head" of the pattern
- The neckline of the pattern can be seen at 1510 near term resistance
- For this pattern to be validated we would need to see a break and close above this level
- A break of this pattern could open the doors for a further bullish break of the larger Descending Wedge pattern
- Price now appears to be forming an inverse Head and Shoulders Bullish reversal pattern within the wedge with the fake-out ( as discussed in my previous chart here:
- The neckline of the pattern can be seen at 1510 near term resistance
- For this pattern to be validated we would need to see a break and close above this level
- A break of this pattern could open the doors for a further bullish break of the larger Descending Wedge pattern