XAUUSD: Quo vadis gold?

OANDA:XAUUSD   Gold / US-Dollar
A potential bullish shark pattern is forming at XAUUSD with target 1 at the 0.382 retracement and target 2 at the 0.618 retracement . For more conservative traders, I'd suspect the target at 0.236 retracement – which is a RR of 1:1.3. S/L goes right beneath the previous outside return at 1170.744.

For some more risk of being stopped out but higher RR ratio, you could also set the S/L to 1183.899 beneath X point. But as said – it's more risky for being stopped out.

It looks like A and C are part of a head & shoulder pattern. Before price comes down to point D, it might be that we see another rally to the near of point A high which would give us a head and shoulder pattern. In this case it might make sense to consider this pattern invalid as the risk is pretty high that the price will not retrace at point D but rather just continue bearish move.

Watch price action closely.
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