Gold XAUUSD *HEAD & SHOULDERS PATTERN*

There is a very basic and simple head and shoulder pattern forming on Spot Gold just below the $1700 per ounce level.

Bullish trendline broken, lower high seems to be made and if you convert the chart to a line chart, the left shoulder/head/right shoulder looks quite clear. Obviously this is a risky trade considering the current fundamental situation but the pattern trade looks to be valid.

Trade active:

Almost 1/2 way to the $1600 target

Trade closed: target reached:

Trade close at $1598 (slippage)