Gold has ranged throughout last week and still maintained above the demand zone at 1282 but also below 1300.
The bearish bat pattern has already taken effect as the gold did fall, and at the same time, a head and shoulder was formed too.
Since the price failed an attempt to break the neckline, it leaves a possibility for the price to pull back and climb into the supply zone just above 1300.
Should gold choose to pull back, it should happen in the first 2 trading days this week.
If it doesn't, the price should have no issue with breaking through the neckline and head towards the 4-month demand zone below 1250.
The bearish bat pattern has already taken effect as the gold did fall, and at the same time, a head and shoulder was formed too.
Since the price failed an attempt to break the neckline, it leaves a possibility for the price to pull back and climb into the supply zone just above 1300.
Should gold choose to pull back, it should happen in the first 2 trading days this week.
If it doesn't, the price should have no issue with breaking through the neckline and head towards the 4-month demand zone below 1250.
