Gold has been bearish on the H4 chart. In fact, it seems that the price is about to produce a Head and Shoulder on the H4 chart. Yesterday’s daily candle came out as a bearish candle too. The price had a bounce at a level where the price had reacted heavily 4/5 days ago. This means this is the level which is to be broken after a consolidation to take a short entry on Gold.  Let us have a look at the H4 Gold chart.

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The level of 1307.55 is the level where we see a pin bar was produced yesterday. Today’s first H4 candle seems to be finished above the level too. As things stand, the price might go upwards and consolidate. The level of 1312.15 is the level which has the potential to be the level of resistance for the consolidation here. If that happens, then we wait for an H4 bearish engulfing candle first and an H1 breakout afterwards at the level of 1307.55 to take a short entry.  Let us have a look at the summary of the trade...

• Sell Stop Order: 1307.19
• Stop Loss:  1313.73
• Take Profit: 1301.69

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Head and Shoulder is a pattern which is followed by financial traders a lot. If it is found on the big time frames, it is usually a big signal for the traders to find out entries.  Some Head and Shoulder pattern looks different than usual pattern and they might need some adjustment. Traders need to have a lot of practice to be able to spot different looking Head and Shoulder pattern. 

Breakout Trading Signal Gold – 28th March 2019 (Updated with Result)

This proved to be a quick and stress free trade idea. Gold just dropped like a rock and took out TP target out in less than 4 hours.

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