Textbook head-and-shoulders top pattern
Based on a textbook head-and-shoulders top pattern, the downside measured target in the SPDR Gold Shares (NYSE: GLD, Stock Forum) is 89.50, which also happens to coincide with a test of the Jan-June up trend line, now at 89.20. If the last portion of this decline does unfold in textbook fashion, then we should be looking for an upside reversal (buy) signal in the upcoming hours – to initiate a potent up-move into the 93.50-94.00 area.
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