With the close of the day on Friday (3/21/14) being a strong bearish engulfing candle and a Head & Shoulder pattern being recognized I believe we could see a pullback to around $86.45 area. This move is based off of the neckline being around $89 and the top of the head being around $91.20 (difference of $2.20). If this move plays out like a traditional H & S...
We have several key things that have been developing for some time for gold, at least from a technical aspect.
1) Double Bottom - Occurring around the 1200 level
2) Divergences in the MACD & Momentum that has been occurring since May of last year
I see a key level of resistance as being around 1350. If we get a break through this level I could see the price...
There is a H & S pattern forming with 3M. It looks to have started back in Nov, and if it continues to shape out we would need to see a break of the neckline around $126. Based on how this pattern we can predict future price to drop to around $112 in the next 2-4 months.
