Gold price technical outlook

Gold price bounced almost $15 after the US inflation data came below expectations. As of this writing, the metal trades above $2045. However, the metal forms a head and shoulders pattern with the right shoulderšŸ§. If the metal starts to reverse from here then the first key support level is located at the $2018/14 area. In case it breaks below this level, it will head towards the next support level which is located near $2000. A break and close above $2051 would invalidate the pattern.