Gold- head and shoulder and possible Cypher

21 Haz 2016

Resistance- $1288, $1293, $1303

Support- $1283, $1278-1276, $1263

• Gold's turn lower from the higher of $1294 levels led to formation of lower top formation and added credence to the possibility of head and shoulder breakout on the hourly chart.
  

• The neckline at $1278 could be pierced thus opening doors for a drop to support t $1263 (which could be point C of Cypher pattern from where a fresh bullish move could happen).
  

• On the other hand, a failure to dip below $1283 followed by a break above $1294 would open doors for a rise to $1300-1303 levels.