Wednesday we saw the first shs setup-up and with neck line broken yesterday we see the result today. But it could be the first of multiple shs setting up for bringing down gold to around the 1000 area. But first thing first. With today's move we see another and bigger possible shs setting up as shown at the chart above. I'm short term neutral and longer term bearish until proven otherwise by price action. (That could be if a slanted ihs will be formed with a right shoulder setting up with a drop to around 1350 and price turns up from there.) But as always... time will show. Safe trading Gents! BM
Comments
MalikAsmi
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I agree with you, even with the worries on Syrian conflict in the middle east, I believe gold price will continue to bearish.