Gold - H&S Trend Reversal Pattern

The market forms a chart pattern which looks like a Head & Shoulder as close as possible.
If the price can break the neckline, it will confirm this pattern as a trend reversal. We should be ready to see a downward movement. The price will be able to reach the zone between 1230.00 - 1210.00 levels. Of course, if before it, the price will be able to break the main uptrend line, SMA100 and SMA200.

Now we have to watch for the price action at the current levels. We have the support zone formed by 1280.00 support and SMA100. If the price bounces, it will give us a buy trading opportunity based on the reversal signal. The main target for the upward movement will be 1325.00 resistance. It's the level of the Right Shoulder. If the price can break level, the reversal chart pattern will be able to become a pattern confirming the continuation of the previous trend. It will be possible to open buy trades based on this breakout using hourly timeframes.