Head and shoulders reversal pattern formation complete on gold . Wait for confirmation with bounce off the 1290 neckline.
Suggest using a short position on futures options or mining etfs (JNUG, JDST) watch gold closely and cover to stop loss should price rise above the pattern's neckline.
Watch for breach of trendlines as indicated in chart to invalidate the trade.
Price Target 1: 200 day moving average currently at $1251
Price Target 2: $1215 as i dicated by measuring destance from top of head to the neckline.