Gold price 
has obviously lost momentum compared to yesterday’s trend, and has formed a small head and shoulders top pattern, hovering around the neckline at 2508. If it falls below this area, it may produce a deeper level of callback, and it is likely to retest the support near 2497. It is more inclined to chase short or hang short to arrange transactions during the day.
Trading strategy: short with the trend, chase short if it falls below the neckline at 2508
Resistance reference: 2520, 2530
Support reference: 2508, 2497
XAUUSD 1-hour chart
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