Gold head and shoulders pattern completing

[captaincol]

Hi,
I have noticed what looks like a head and shoulders pattern completing on the daily chart. I'm not sure where to get volume data from for gold charts, so I can't say whether the volume is declining and confirming the pattern, but as a newbie, I would like some views on the potential reversal pattern.

 

[Sonicthehedgefund]

it appears fairly obvious and its expiration week.

the first support is at 890, had trouble going through that, completely failed at the recent attempt at 940, so 890 would be a safe bet EOW.

 

[WallStreetHero]

well with that massive spike, that head and shouldars is definatly abolished.

 

[Sonicthehedgefund]

well with that massive spike, that head and shouldars is definatly abolished.

oh yeah thats gone, yeehaw! Hope some of you guys went long on that fake pullback! Big buyers trap. Its just gonna keep going up now. Very cheap at 3 digits before the decimal.

 

[captaincol]

The price rise was mainly related to the US$ spike not a demand for gold, which could mean that the imbalance of buyers and sellers could still push the price back down in the short-term. The rest of the week will give an indication of which way this will actually swing.