A recent comment from a reader prompted me to lookup the Gold chart. It is not a market of any interest to me, but what caught my attention was the Inverse Head & Shoulders pattern broken recently. Although, we have no volume info to help confirm the breakout, it may very well work out judging by recent price action!
Target
Prices hit a high of 1226 before retracing some. Based on the Inverse H&S, looking at a target of 1300. First resistance stop of course will be the recent high.
I have to end with a caution though. I'm no Gold expert, and believe it's an extremely difficult market to forecast. Price target is achievable, but time required to reach it, is highly uncertain. Trade at your own risk :)
EDIT A thousand apologies! Just realised my chart is in LOG scale, target should be around $1300 instead. Ignore the target on the image, post edited accordingly. A rookie error - told ya i suck at Gold analysis!
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