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.
