❗Xauusd/ Gold Analysis Gold is still trending in the major Daily bearish momentum. According to Technical analysis and Market structure, gold made a lower high after failing to break above previous structure high
After retesting the 50% retracement of the previous daily LH level Gold is now forming a Head&Shoulders indicating that there is a strong possibility of price breaking below the neckline to continue it’s overall bearish momentum
Major Trend – Bearish (creating higher lows and lower lowers) Price Action Pattern – Head & Shoulders Ema’s – Retested 20, 50 & 200 after breaking below Once price break below the H&S neckline it will surely get to 1750 and then to 1700 My bias is bearish due to all technical factors shown in this document. I would only be looking to take short positions in current market conditions. For the week ahead that will be my bias for Xauusd / Gold I will only than scale into lower timeframes for possible entries
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