is this the beginning of a H&S pattern?
Thanks Gunter!
This is what tallpine had to say about it:
"April gold closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below March's low crossing at 1280.80 are needed to renew the decline off February's high. If April renews the rally off March's low, February's high crossing at 1349.80 is a potential upside target. First resistance is March's high crossing at 1324.50. Second resistance is February's high crossing at 1349.80. First support is March's low crossing at 1280.80. Second support is the 50% retracement level of the August-February-rally crossing at 1273.20."
Here's another viewpoint: