Here is yet another Chart of the YEN, FWIW. $XJY gapped down (sort of) from the rising channel pattern, and then gapped back inside pattern. What happens next could be an important clue to the immediate direction in the Gold price. If $XJY closes strongly above the red dotted line, the potential SHS pattern is likely negated, the breakdown out of pattern can be labeled a false breakout, and we might therefore anticipate a continued rally in the yellow metal.
If, on the other hand, $XJY falls below the rising blue trend line (we already know the lower trend line is hot!) then the SHS pattern is likely in play, and the bulls might be wise to maintain or increase their hedge (DUST? JDST? HGD?) – or perhaps even jump ship altogether. In any case we should have our answer soon.