GOLD XAUUSD Chart Technical Outlook the rally stalls at the projected AB leg of a Bat formation
Continued upward pressure from $2,325 resulted in Gold posting net gains yesterday. The 6-hour chart highlights a stalling in bullish momentum close to the projected AB leg of a Bat formation. This pattern will be completed at $2,434. We have reverse trend line support from the channel breakout at $2,351.
Looking at the big picture analysis, a move to this zone ($2,434) could be seen as the right shoulder in a bearish head and shoulders formation, completing a medium-term topping pattern.
Resistance: $2,388 (AB Bat), $2,431 (swing high) $2,434 (Bat),
Support: $2,351 (reverse trend line support), $2,315 (swing low), $2,285 (bespoke)
