You may remember our H&S pattern idea in
XAUUSD
a few days ago, and this is an update on that setup.
The yellow metal broke above the H&S neckline last week which didn't act as a resistance for the price.
However, the pattern is still valid in our eyes as the price is facing difficulties to break above the 61.8% Fib level, signaling a possible new lower high in the making.
Last three trading days formed strong pinbar patterns, each rejecting higher prices currently.
Since the H&S pattern is a reversal pattern, I still see a lower low and a possible lower high in the chart, which means we could get a strong down-move in the price from current levels, especially if the US dollar continues its bull-run.
XAUUSD
a few days ago, and this is an update on that setup. The yellow metal broke above the H&S neckline last week which didn't act as a resistance for the price.
However, the pattern is still valid in our eyes as the price is facing difficulties to break above the 61.8% Fib level, signaling a possible new lower high in the making.
Last three trading days formed strong pinbar patterns, each rejecting higher prices currently.
Since the H&S pattern is a reversal pattern, I still see a lower low and a possible lower high in the chart, which means we could get a strong down-move in the price from current levels, especially if the US dollar continues its bull-run.
