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GOLD (XAU/USD): detailed outlook. Where are we headed next?

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Ouro/Dólar Americano (OANDA:XAUUSD)  
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OANDA:XAUUSD   Ouro/Dólar Americano
Support and Resistance Supply and Demand Multiple Time Frame Analysis Gold XAUUSD priceaction Technical Analysis commoditytrading forextrading investroy
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supportandresistance supplyanddemand mtfa gold xauusd priceaction technicalanalysis commoditytrading forextrading investroy
Taking a look at the Weekly timeframe chart, it can be noticed that the price has been heavily rejecting the local crucial zone of resistance. The previous weekly candle has left a 700-pip wick and closed below the local structure.

Zooming into the H8 timeframe chart, it can be seen that the price has formed some sort of a Head&Shoulders pattern. We are patiently waiting for the price to break and retest the $1888 level of support, before further downside movements can take place. The $1845 zone of support will be eyed as the next possible target.

Happy trading, everyone!
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