Potential head and shoulders on Gold

One could observe the slowdown of the upward move on the gold market last week. Looking at the actual technical situation on the M30 interval, a potential head and shoulders structure, which often heralds the trend reversal is building up. Sellers reappeared today once again at $ 1745 resistance resulting from the height of the right shoulder of the formation. This level remains the key resistance in the short term. The zone at $ 1731 should be considered as a key support and is marked with the neckline of the aforementioned formation. If the sellers manage to break lower, the downward move may accelerate. The potential range for declines was determined by the height of the formation's head (blue rectangles).

GOLD M30 interval. Source: xStation5

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commodities
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Potential head and shoulders on Gold

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