GOLD has Formed Huge Head and Shoulders Pattern

March 09, 2018 08:39

Source: Admiral Markets MT5 with MT5SE Add-on

Gold has formed a giant head and shoulders pattern after the price failed to reach W H4 resistance. At this point, we see that the price is contained below D H3. If it doesn't retrace towards the POC, then watch for a rejection towards D L4 and D L5. Retracement into the POC zone 1322-24 should reject the price, and we might see a retest of 1319 with 1311 as the final target.

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

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