Gold: possible H&S

Daily Forex Reports | by Forex4you | Wednesday, 05 September 2012 14:19 UTC
We may have a head and shoulders pattern completing on the hourly chart at the highs. This could possibly break below the neckline at 1688 triggering a strong move lower, perhaps to around 1675 where it will meet support from both the weekly pivot and the 38.2% Fibonacci line. A move above 1694, however, would negate the bearish outlook, with 1722 then in focus.

Written by Forex4you

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