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DrDovetail

Successful IH&S Breakout on Gold; Should Sustain Golden Cross.

Long
CFDs on Gold (US$ / OZ) (TVC:GOLD)  
DrDovetail Updated   
TVC:GOLD   CFDs on Gold (US$ / OZ)
Trend Analysis Chart Patterns Technical Indicators Gold goldencross Inverse Head and Shoulders bullishbreakout targethit
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trendanalysis chartpattern indicator gold goldencross inverseheadandshoulders bullishbreakout targethit
After initiating the golden cross on gold it soon after break above the inverse head and shoulder neckline and then proceeded to reach the breakout target and a few pips above before correcting which to me signals this golden cross should likely be sustained.
Comment:
the bear side of the coin is that price action is currently finding resistance under the 1day 50ma (in orange) and that we may have completed a left shoulder and head to a normal bearish head and shoulders pattern. Must keep a close eye on it's development but if we can nullify it's potential then the golden cross should sustain.
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