Gold Technical Analysis: Yellow metal is charting a head-and-shoulders bullish reversal pattern
|- The hourly chart shows the safe haven yellow metal is creating a right shoulder of the inverse head-and-shoulders pattern with the neckline hurdle of $1,220.
- An upside break would confirm a short-term bullish trend reversal and open the doors to $1,236 (target as per the measured height method).
Hourly chart
Spot Rate: $1,216
Daily High: $1,218
Daily Low: $1,213
Trend: Bullish above $1,220
R1: $1,220 (inverse head-and-shoulders neckline)
R2: $1,228 (July 31 high)
$3: $1,236 (inverse head-and-shoulders breakout target)
Support
S1: $1,213 (session low)
$2: $1,204 (previous week's low)
S3: $1,200 (psychological level)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.