Gold – rounding top/potential head & shoulder, bullish above $12

The descending trend line hurdle is still intact. Another failure at or to hold above the trend line hurdle could yield a break below the head and shoulder neckline level of $1239.

The 4-hour chart shows a nice rounding top, which means a mere break above the descending trend line won’t be enough. Only a convincing break above $1261 would revive bullishness.