Gold has formed a bullish SHS pattern as the price made a bounce off the bottom of the right shoulder. We should see upward continuation.
The price is undergoing a retracement. 1718-25 is the zone of the right shoulders. We might see buyers there. If we see a bounce off the POC zone, the first target is 1739 followed by 1752 and 1763. However, another close above 1755 without a retracement to the POC zone, will move the price directly towards the target 1763. Only below 1699, this scenario will be invalid.
The Analysis has been done with the CAMMACD.Core and Sit Systems
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