XAUUSD: Huge Inverse Head and Shoulders calling for rebound.
Gold crossed and will most likely close the day under the 1D MA50 turning the 1D timeframe marginally bearish (RSI = 44.910, MACD = 1.190, ADX = 25.617). The strongest Support level is the 1D MA200, which right now is trading exactly on S1 (1,893). We have however a bullish pattern close to completion as the price may be forming the RS of a huge Inverse Head and Shoulders pattern. This technical pattern is associated with long term bottoms and bullish trend reversals.
The price is now on the 0.236 Fibonacci level from the market high. The longer it stays there, the more likely it is to hold it as the neckline's Support and complete the Inverse Head and Shoulders. A 1D candle close over R1 (1,987.50) will target the 0.786 Fibonacci and that is our long position's target (TP = 2,040).
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The price is now on the 0.236 Fibonacci level from the market high. The longer it stays there, the more likely it is to hold it as the neckline's Support and complete the Inverse Head and Shoulders. A 1D candle close over R1 (1,987.50) will target the 0.786 Fibonacci and that is our long position's target (TP = 2,040).
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