Almost completed the head and shoulders formation. It will go short
Gold will go up. First target is the 0.382 fib level(1709.49) Second target is the 0.5 fib level(1716.39)
If it finds his support above the trendline , we will be looking for a long trade . If it breaks the trendline , we will be looking for a short . First it will be looking for support on the 0.382 Fibonacci level(1.10715). If it can break this level , it will descend further to the 0.618 Fibonacci level(1.09943)
It will try to break the old resistance level(what will now be the support) , 0.5 Fibonacci level(1719.320). If it fails, we can look for a long trade. If it breaks, it will go down to the 0.786 Fibonacci level(1704.865)
Gold will drop till 1725.314, Fibonacci level 0.382
Idea for going long on Gold on a 4H time frame( first analyse made myself )