It was a good week for gold despite the futures market rollover shenanigans. Spot gold traded between 603$ and 641$. The price of gold is quick to recover the recent slump, in my opinion value buyers are quietly accumulating. I didn't notice any important news regarding gold and the price behavior is technically normal.
Just before the close of the COMEX trading I noticed an unusual temporary up tick on the spot market – about 2.2$. See the 5 seconds chart below..
If you look closely on the intraday 1 hour chart you can observe potential inverted head and shoulders pattern with initial price target of 681$. Click on the charts below for larger view.
I will post more charts over the weekend.