GOLDTREND-NET

Potential Head & Shoulders Pattern on 4-hour Chart

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar

Looking at the daily chart , we see a reversal pattern where a gravestone doji candle was formed at the multi-year resistance. The following day was a down day which confirmed the reversal sign. Therefore, it is likely that gold will go down if not breaking recent high at 1358-59.
Now while looking at the 4-hour chart, we see a potential head & shoulders pattern. If gold manages to break the pattern's neckline, it will go down to support at 1310 area.

Please note that if gold trades above 1358-59, the reversal pattern daily chart and the head & shoulders pattern on 4-hour chart will be invalid.

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