XAUUSD Head And Shoulder pattern breakdown

Gold update 15m head and shoulder breakdown

Key Levels:

Resistance Levels:

3,040.000 (Immediate Resistance)
3,050.000
3,060.000
3,070.000 (Major Resistance)

Support Levels:

3,022.000 (Immediate Support)
3,014.000
3,006.500
2,999.000
2,991.000 (Major Support)

Price Action Overview:
Gold is currently trading at 3,033.785, showing a slight upward movement of +1.685 (+0.096%).
The price has been consolidating between 3,031.425 (Low) and 3,034.430 (High) in the last 15-minute candle. The market is testing the 3,035.410 level, which could act as a minor resistance.

Technical Indicators:

USB (Ultimate Support/Resistance Band):
Current Value: 38.301 (-1.279)
Indicates potential support/resistance zones around 3,830.4.

TAT & Skullers Indicator:
Current Value: -38.306 (-1.269)
Suggests a potential retest or breakdown level around 3,830.6.

Market Sentiment:

The market is showing slight bullish momentum, but the price remains within a tight range.
A breakout above 3,040.000 could signal a stronger bullish trend, while a breakdown below 3,022.000 may indicate bearish pressure.

Trading Strategy:

Bullish Scenario:
Entry: Consider a long position if the price breaks and sustains above 3,040.000.

Targets:

3,050.000 (First Target)
3,060.000 (Second Target)
3,070.000 (Major Resistance)
Stop Loss: Place below 3,022.000 to manage risk.

Bearish Scenario:
Entry: Consider a short position if the price breaks and sustains below 3,022.000.

Targets:

3,014.000 (First Target)
3,006.500 (Second Target)
2,999.000 (Major Support)
Stop Loss: Place above 3,035.410 to manage risk.

Risk Management:

Always use proper risk management techniques.
Risk no more than 1-2% of your trading capital per trade.
Adjust position sizes according to your risk tolerance and account size.