Gold - Head and Shoulder formation on hourly

Jun 20, 2016

Resistance - $1288, $1300, $1310

Support - $1276, $1270, $1263

• Sharp rally in Cable in Asia on account of drop in Brexit bets also weighed over gold. Consequently, prices dipped to $1280 levels, thus increasing the odds of a head and shoulder formation on the hourly chart with neckline support at $1276 (also hourly 200-MA).
  

• Hourly closing below the same would open doors for a drop to $1263-$1253 levels.
  

• On the higher side, breach of $1300 would signal failure of head and shoulder formation and shift risk in favor of a rise to $1320-1325 levels.