Will Gold complete the head and shoulders pattern for a short term sell signal? [Video]

Jason Sen DayTradeIdeas.co.uk

Today’s trade ideas

Gold XAUUSD remains in a 2 week sideways consolidation. We broke support at 1988/85 which then worked as resistance and tested the neck line to a short term head & shoulders pattern on the 1 hour chart at 1976/75 with a low for the day exactly here. It's a delicate situation! A break below 1973 should be a sell signal if we hold below 1978 therefore & targets 1963/91, 1943/40 & even 1934/31 is possible eventually.

However for today we should find strong support at 1965/61 so watch for a low for the day if you are scalping short term levels & take a profit on a bounce to 1972/74.

A bounce from 1976/75 targets 1985/87. A break above 1989 should be a buy signal for today targeting 1992 & 1997. Perhaps as far as 2000/2003.

Author

Jason Sen

DayTradeIdeas.co.uk

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