XAUUSD H4 | Head and shoulders pattern playing out
Title:
XAUUSD H4 | Head and shoulders pattern playing out
Type:
Bearish reversal
Preference:
The price is rising towards the pivot at 4,356.20, a pullback resistance. A reversal from this level could lead the price toward the 1st support at 4,208.77, a pullback support that aligns with the 78.6% Fibonacci projection.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance at 4432.95, a pullback resistance
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.