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.
Comments
IlyaGruntal
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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!
MRS_Watanabe
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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.
IlyaGruntal
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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 :)