titi

Gold with H&S on W as well

FX:XAUUSD   Gold / U.S. Dollar
325 7 2
H&S on XAU weekly as well. The current move could go up to the descending TL at 1353 which is also the height of the shoulders. Should it find strong Res there, the measured move down if 1276 is broken is until 1120, 1.618 fib extension of move down starting at 1433             .
Intermediate TGs             are the green boxes.
Looks like 1276 is broken. Been adding shorts at rallies, more patience is asked...but until now largely rewarding
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Its tricky.. the daily also shows an inv. H&S pattern but the neckline hasn't been decisively broken so far. I suppose this week or next week we'll get the answer. $1158 was my target from daily. If price goes there, it could see a double bottom to shoot up towards higher levels. Check the monthly fibs on Gold and you'll see how the 50% & 61.8% sit.
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titi justatrader
You said it, tricky! Agree that 1150ish as a bottom prior to a move upward.Same view on 50 and 61.8%
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IMHO we shall consider the bigger H&S inv, instead of the continuation as jpm keeps on covering and the debt ceiling deadline in just 10 days away http://www.cmegroup.com/delivery_reports/Gold_Stocks.xls
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titi Ecantoni
Thanks for your comments. I primarily work with technicals and appreciate your view.
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IMHO we shall consider the bigger H&S inv, instead of the continuation as jpm keeps on covering and the debt ceiling deadline in just 10 days away
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I think in regards to Gold we are at a time when one cannot really be sure about 1) Gold's correlation to USD 2) the so called fundamentals that can flip its view in a day. The best bet is to go with the charts and let the technicals point out the direction.
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