Technical analysis of GOLD 01/22/2021
Gold quotes was failed to close below 1.1800 on the daily chart (neckline and right shoulder of the “head and shoulders” pattern). Now the price is consolidating around 1.1850.00.
The technical picture gives grounds to assume the development of an upward movement to the projection of the development of the “head and shoulders” figure at 1.1980 and further to last year’s highs above 1.2000.
Cancellation of the growth option will be a decline in quotes below 1.1800, which will indicate a breakdown of the trend line and neckline of the “head and shoulders” figure and will mean a possible trend change on the daily timeframe.
Created by Joshua Hayn