Gold has formed a head and shoulders pattern on the daily chart. Now gold is testing the neckline support after forming a right shoulder at 1366. The neckline support should be around 1332-1337. If it breaks down from the neckline, head & shoulders pattern may kick in and gold will drop as low as 1240. Other supports are 1300-1305, 1280-1285, 1260-1265. Trade plan: - Sell Stop at 1330 or Sell on Daily Close if today price closes under 1332. - Take profit at 1250 - Stop loss at 1370.
Might consider taking partial profit at supports such as 1290, 1270. Stay Tuned !