MTradingGlobal

Gold buyers stay hopeful on inverse head-and-shoulders

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
With the US dollar easing ahead of the Fed and bond bears are also catching a breather, gold heads to the key upside hurdle on the four-hour chart. That said, the yellow metal portrays an “inverse head-and-shoulders” bullish chart pattern that seeks confirmation from the neckline breakout, currently around $1,741. While a sustained break of $1,741 theoretically propels the quote to cross the $1,800 hurdle to the north, a downward sloping trend line from the early February and 200-SMA, respectively around $1,755 and $1,781, adds to the upside filters.

Meanwhile, a pullback from the current levels, which is more likely amid the pre-Fed trading lull, will eye to revisit the $1,700 threshold. However, any further weakness may not hesitate to challenge $1,687 and the recently flashed multi-day bottom surrounding $1,677. To sum up, gold buyers are looking for a comeback after heavy losses since early 2021. Though, the US Federal Reserve meeting, up for Wednesday, holds the key to the metal’s further recovery.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out