justatrader
Short

Gold, showing weakness to the upside

FX:XAUUSD   Gold Spot / U.S. Dollar
4-Hour chart in XAUUSD             shows the head and shoulders formation after strong momentum led gain. 1340 is the line in the sand on the 4-hr time frame. A 'Close' above 1340 will invalidate the pattern and further gains can come on a breakout above 22/09 doji high of 1342.56.

The doji inside bar on daily is currently forming indicating a potential building up of price momentum. If the head and shoulders is validated, by a breakout below 1336, then expect declines to 1331.13, marking the 22/09 doji low followed 1324, which completes the downside correction.
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