Gold is legal for an upward breakout from its pink megaphone with a target of roughly 1375 (a topping pattern up there could take it a bit higher).
But a passionate surge (on a Portuguese bank failure) that stops like a dime on the top of a megaphone is always suspect.
Gold is forming a little megaphone up here across the pink megaphone top. If it breaks out upwards, it’s going for 1375. If it breaks out downwards, it’s headed for at least its pink megaphone VWAP and likely 1290 at its pink megaphone bottom before carrying out the trip to 1375.