Potential Head and Shoulders Pattern on the 1H XAUUSD Chart

As you can see, there is a possibility of a head and shoulder price action pattern forming on the 1H XAUUSD.

With price being bullish most of the week, XAUUSD has a lot of downside to play and thus I would enter into a position once price has broken the current support.

I'd keep a look out on this pair and trade carefully on a smaller timeframe.

Thank you for reading and happy trading!

Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.