Does gold will follow the pattern?
Gold is being traded below level 944 (below the neckline of “head and shoulders” trend-turning figure), what speaks in favor of getting to target level 903 in nearest future (within the “a-a+” uptrend). Resistance is found at level 944 once again.
Having stopped slightly below the strategic resistance level 998 (“Z” trend line), gold eventually formed up a “double top” trend-turning figure at H4 graph (denoted as “a-a+” trend) and executed it after getting under the level 967. Such an event is a very important signal for “B-B+” daily trend’s turn. I’m expecting its lower bound to be broken shortly and, if gold goes under the level 945 (under the “B” trend line), the uptrend will be changed to downtrend and gold will set the target of lowering to support level 903.