JohnGalt
Short

Gold Right Shoulder and Break Out

FX:XAUUSD   Gold Spot / U.S. Dollar
271 6 1
Gold             is forming a right shoulder and recently left the short upward channel. New targets for me are at least 1280 USD/oz within 2 weeks.
Excuse me for my previous post. I closed my shorts at 1320 and reversed long to catch a new high above 1360! After that i'm totally going to short it for 1225 target at least! Good luck!
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you are not looking at a Head and shoulders pattern correctly, we have an inverted H&S in the daily that targets $1650, Besides what you are targeting is sub $1300 which is unsustainable because it is bellow the cost of mining. Soverign buyers China etc, would buy the physical as it would be cheaper buying than mining for it.
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Head and shoulders appear as a reversal pattern at the top of the charts, and it never is so obvious and huge :-)
You are looking at the falling wedge with market noises. Third wave down is incomming.
It's a reversal to the upside pattern.

I agree with your shorts, tho imo you need need to take your profit around 1285-1250 level and think about going long. Cheers :)
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IlyaGruntal IlyaGruntal
I'm going long at 1225 myself :-)
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... at least.
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IlyaGruntal motleifaul
snapshot
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