Trading Gold using RSI and Classical Chart Pattern

Gold has formed a distribution head and shoulder on the hourly charts. The a neckline break has also been confirmed. The RSI has been shrugging to move up and have faced resistance at the 45 ema. Along with a STNR formation, gold is set for a move to 30300 levels. This pattern fails above 30775. Any move above this will re establish the trend. Swing traders can take this counter trend opportunity, whereas positional traders are advised to stay put.

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