FX.co ★ Inverted head and shoulders pattern in Gold.

Gold price is steadily trading above $1,810 after the breakout of last week. Short-term trend is bullish and price is challenging major resistance levels. Price has formed an inverted Head and Shoulders pattern with the neck line resistance at $1,825.

Blue lines - Head and shoulders pattern

Blue horizontal line - 1st break out target

If bulls manage to break above the neckline resistance, our first target will be at $1,975. Bulls need to break above the neckline resistance at $1,825 first. This will add strength to the short-term bullish momentum we are currently riding. Support is at $1,750 and as long as price is above this level, bulls seem in control of the trend.