AdrianRaymondFX
Long

Gold Head and Shoulders breakout

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             prices broke through a long-term bearish trendline on Friday, and we saw a positive reaction in the market when this new support was tested on Monday. With the break above $1220, we may see gold             rally through its December highs ($1237), which would complete a head and shoulders pattern that took form between September and December. As it stands, gold             reached $1240 during Asian trading this morning, so watch for the break above this level later today or tomorrow to confirm a bullish breakout. Possible targets are at $1260 and $1290/1300 if this break occurs.
thanks for the chart, its matching with my chart , my uppertrendline was 1224.xx on daily chart , i am just waiting for it retest to enter the market for similar targets as urs
Reply
Yes. I agree with your comments.
However I think we will back test the breakout line.
Your Head and shoulders comformation line is also the Bullish Wolfe Wave Line.

Good trading to you. Glenn.
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