4 Hourly chart of Gold seems to suggest a pending Head and Shoulders chart pattern, which could hint towards a bearish reversal.
4 Hourly Chart of Gold
We are currently near on the high of the Right Shoulder, should it complete its formation, this could mean that Gold could fall beyond 1100 level.
The current Price level is also near to Week 18 high, which could be a resistance level. The resistance zone is emphasized by a confluence of an equidistant channel with the horizontal resistance level.
However, the bearish view will be invalidated if Price attempts to break beyond the high of the Head formation.
