The short term rally that started on July 28 at 1156.00 zones to the peak of 1262.00-recorded on September 8- couldn't hit the all-time high of 1265.00. The price behaviors suggest a potential head and shoulders top pattern that could be presently under preparation as seen on the provided four-hour chart. The completion of this pattern could be seen around 1253.00 zones that match the re-testing action process for the previous broken uptrend line, which carried the aforesaid rally. Hence, possible bearishness could be witnessed during this week.
Notes:
1-SMA 50 is negatively pressuring the metal.
2-Stochastic could bearishly overlap around the above detected levels.
3-The scientific targets of the pattern reside around 1219.00 zones.
4-A break of 1240.00 will confirm the head and shoulders structure.
The trading range for this week is among the key support at 1210.00 and key resistance now at 1277.00.
The general trend over the short term basis is to the upside, targeting $ 1365.00 per ounce as far as areas of 1120.00 remain intact.
