XAUUSD Pattern Unfolding

Gold is attempting to recover higher on Thursday after sellers failed to breach the key former monthly, around $ 1,675, on Wednesday. A notable head and shoulders pattern appears to be taking shape across the lower time frame, which holds an $ 80.00 downside projection. Gold bulls now need to move the price above the $ 1,755 level to invalidate this bearish price pattern.

XAUUSD is only bullish while trading above the $ 1,690 level, key resistance is found at the $ 1,720 and the $ 1,755 levels.

If XAUUSD trades below the $ 1,690 level, sellers may test the $ 1,660 and $ 1,575 support levels.