The bottom of the right shoulder is on a key support level marked by the Fibonacci fans and the 50 day SMA (former Resistance). A small rebound from here is not unlikely seeing the bullish Harami candle pattern (candles of 16/9 and 17/9 ). All of this indicates a short term up movement on gold. Eventually, if this move materialize this will mean that the inverse head and shoulders pattern will be completed, taking gold to a key level, 1500$.
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fs
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nice and clean chart - love it !
barryam
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Have been tracking the poss inv. H&S - like your use of the Fib Fan here.