Gold Completes Head And Shoulders Top

Russell Shor, CFTe, MFTA FXCM

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.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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