Legionnaire
Long

Gold Bulls have set it up but can they hit a home run???

FX:XAUUSD   Gold Spot / U.S. Dollar
Inverse H & S, Cup & Handle and Rounding bottom, these are the patterns that one can currently visualize. So the bulls have set it up but do they have the bottle to hit a home run in the short term? If they can, then there is a 6.6% measured move from the neckline awaiting as a payoff. The bullish scenario plays out like this: T-Line support and the 1178 pivot low holding and a successful break above 1222.84. 1240/50 resistance is the next potential stumbling point. A break below 1178, deals the first blow to the Gold             bulls and sees next support zone at 1160/1150. Time will tell but I am bullish against 1178.
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