H&S and Bearish Breakout on the way for Gold
Recent H&S and neckline break. Testing major resistance at around 1200. It looks like to me there's a major breakout on the way and I think it's most likely bearish. Gold has so far not broken that major resistance level but I believe it is coming. The difference from the high close point in the Head and the neckline is 135. The neckline is at 1280, so 1280-135=1145. Because of this price target, I think that gold will break the 1200 level and will continue dropping to 1090 as this is the next level of support going back to late 2009 early 2010.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.