Gold Playing the Head and Shoulders game

TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold seems to be forming what appears to be the third head and shoulder pattern in the space of just 2 months. So far each of the previous ones has played out to their full target. The neckline for the current head and shoulders is at the 1825 level (which is also right below the 4H 100SMA). The full target should it break below the neckline would be around 1775 with some support between 1800 and 1817 which is also where the Daily 200 SMA currently lies. If price can close back above 1850 this could invalidate the pattern and see a recovery back to resistance around 1870


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