H&S and Bearish Breakout on the way for Gold

5 déc. 2013

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.