XAU/USD: Gold prices pulled back after head and shoulder breakout

XAU/USD: Gold prices pulled back after head and shoulder breakout

 

What is going on with XAU/USD?

XAU/USD: Gold prices broke through the head and shoulder price pattern in the 60 minutes price chart at1190.85 as indicated in yesterdays trades. The pair managed to reach its estimated target at 1193.45 during the overnight session.

Our forecast

XAU/USD: Gold prices currently trades at 1193.72 after it fell below 1193.45 resistance. The pair might continue down to 1190.85 if it fails to head back above 1193.45. Gold prices need to maintain above 1194.30 to continue to the upside.

Support - 1190.85, 1187.80, and 1185.46

Resistance/Target - 1196.45, 1198.70, and 1200.95

Chart 1: The short-term view of the XAU/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the XAU/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

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