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We can see a big reversal in price off the rising trendline during the final day of trading last week. We could potentially be at the beginning of another bullish impulse.

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Gold daily had a huge sell off on the last day of trading on the headline that China halted reserves buying after an 18-month stretch. Technically, we can see a Head & Shoulders pattern in play with price testing the neckline at the close of business. If the pattern follows through, we will see more downside, especially after Fridays bearish engulfing candle.

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The daily chart for Gold shows clear divergence between the recent highs in price and the highs in the MACD. This indicates a potential weakening in buying pressure. Currently we see price finding daily support around the $2327 per ounce mark. With the divergence in mind, watch to see if price breaks lower and then look for sell setups that meet your strategy rules.

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We can see the clear change of trend on the 2 day time frame for EUR/CHF after finding a base at the end of last year. Last week saw price pulling back towards the trendline, meaning that we could start to see buyers creeping in sometime in this new trading week. Keep an eye on the smaller time frames for clues.

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The H4 chart for AUD/USD shows a potential range in play between the 0.6670 and 0.6600 price points. The penultimate candle of the final session showed a big rejection of the top of the zone. We may see price continue lower in this new week to test the lower part of the range.

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The daily chart has produced a high, higher high and lower high on the daily chart. We can also see price breaking and closing below the neckline at 1.0870. This is a text book Head & Shoulders pattern so far. Potentially, price could retest and reject the neckline for further shorts.