We have pointed to a key support for GOLD in our "Top three charts of the week" analysis yesterday. Buyers managed to defend the zone at $1,763 and launched an upward move later on. However, this move has been halted at the earlier-broken upward trendline. Gold started to pull back and price may have painted the right shoulder of a wide head and shoulders pattern. Should the ongoing correction continue, reaction of price to the neckline of the pattern at $1,763 will be key. On the other hand, should bulls manage to halt declines, GOLD may target recent local highs.
Source: xStation5
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