JohnGalt
Long

Gold - preparing the ramp for the rocket

FX:XAUUSD   Gold / U.S. Dollar
389 6 0
Unclear which support level stops the right shoulder. The bigger reverse shoulder-head-shoulder formation which was formed from April has been weakened by the losses of yesterday. What's definite is that the outlook is positive - Gold             takes a run-up to break through the 1432 USD resistance in a single jump targeting at prices over 1500 USD/oz.
MrGalt, in principle I too think price is going to go up 100s of $. But you and many others seem confused about where and how to draw a Head and Shoulders pattern. Head and Shoulders are top formations. found at tops not bottoms. What we have is an inverted Head and Shoulders at work here, inverted H&S are bottom reversals, H&S are top reversals, hope you take this constructively.
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JohnGalt MRS Watanabe
Yes - thanks.
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potato MRS Watanabe
Watanabe, I see you commenting everywhere about the Head and Shoulders. Is it possible to make a chart for us then?
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JohnGalt potato
I'll update mine. He is right about the bottom reversals.
Reply
@ potato here you go
IH&S targets price higher than 200MA trip algo to buy mode!
Reply
potato MRS Watanabe
Thanks!
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