Gold Completes Head And Shoulders Top
The below is the daily chart of the XAUUSD. We note that a head and shoulders top has completed. These patterns are usually of the reversal variety. Moreover, the RSI(9) is below 50 and indicative of a bearish momentum (blue rectangle). The head and shoulder’s downside target is around the $1,211 level. However, we concede that technical targets are generally academic in nature – they may be hit or they may not be. As such we continue to monitor.
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