• Aug 20, 2024
  • Trade ideas

XAUUSD: Head And Shoulders

XAUUSD, Daily

XAUUSDDaily.png

In the Daily time frame, XAUUSD navigates within a head-and-shoulders pattern and tests its “neck” and 2500 resistance level. The MFI oscillator shows a bearish oscillator with the asset, potentially indicating a bearish momentum.

  • If the bulls push the price above 2500, XAUUSD will rise to 2600 resistance;
  • A rebound from the 2500 resistance will drop the price to 2360 support.
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Author: Timur Yurdagyul