Gold Short - Head & Shoulders and Fib Retracement
On daily TF, a head and shoulders pattern is in play, this has formed after a rejection of the major bearish trend line. The targets for this pattern would be below the blue trend line, so expect resistance at this area. If the blue trend line is broken, price should test the major bullish trend line, which is where I have placed the next profit target (TP 2). The counter trend line can be used to place the stop loss, as a break of this would invalidate the H&S pattern. The right shoulder falls at the 50-61.8 fib reatracement zone, adding further confluence to the setup.
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