Gold Short - Head & Shoulders and Fib Retracement

TVC:GOLD   CFDs on Gold (US$ / OZ)
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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