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  • Gold has created a classic head-and-shoulders pattern on the hourly chart with the neckline support at $1,220.
  • A break below the neckline support would confirm a bull-to-bear trend change – the recovery rally from the Nov. 13 low of $1,196 has ended and the bears have likely regained control – and would open up downside toward $1,210 (target as per the measured height method).
  • The yellow metal has found acceptance below the 50-hour and 100-hour exponential moving averages (EMAs). More importantly, both EMAs are beginning to roll over in favor of the bears. As a result, a break below the neckline support of $1,220 cannot be ruled out.

Hourly Chart

Trend: Bearish

XAU/USD

Overview:
       Today Last Price:  1221.83
       Today Daily change:  -35  pips
       Today Daily change %:  -0.0286%
       Today Daily Open:  1222.18
Trends:
       Previous Daily SMA20:  1218.96
       Previous Daily SMA50:  1218.56
       Previous Daily SMA100:  1207.46
       Previous Daily SMA200:  1236.43
Levels:
       Previous Daily High:  1228.04
       Previous Daily Low:  1221.4
       Previous Weekly High:  1230.3
       Previous Weekly Low:  1217.7
       Previous Monthly High:  1243.43
       Previous Monthly Low:  1182.54
       Previous Daily Fibonacci 38.2%:  1223.93
       Previous Daily Fibonacci 61.8%:  1225.5
       Previous Daily Pivot Point S1:  1219.71
       Previous Daily Pivot Point S2:  1217.24
       Previous Daily Pivot Point S3:  1213.07
       Previous Daily Pivot Point R1:  1226.34
       Previous Daily Pivot Point R2:  1230.51
       Previous Daily Pivot Point R3:  1232.98