Trying to get better at TA so forgive the level of "newb" this question may be. From looking at that the confirmation of a downward trend would be if gold retraces and breaks through where? 1330? Thanks.
I don't have a subscription to spot, so I'll use GLD as a surrogate. Looks like a simple retrace to me.
Its not a reversal HnS until its confirmed via the neckline break. Until then its just congestion in an uptrend.
Possible. But I would be more interested in an IHS as trend is up & I haven't read anything that would suggest end of this long term uptrend.
bmwhendrix - boy does that name ever date you, you must be a Rof - Really old fart ; sledged: see attached - 1333.25 approx then 1284.97 approx which is the biggy Arthur Deco and SWScapital: I've been known to be wrong ahem, but see attached a longer time period, looks like 5 waves to me I hadn't posted it but this is the price top I had in mind $1364
I'm watching for this H & S to fail, which tends to become a powerful up move if it happens. Reason being; gold is essentially an inverse dollar play and given QE2, I wouldn't be looking for the dollar to gain strength.
Call me too much of a contrarian but isnt this so obvious that its been baked in a long time ago? With all the problems starting to surface around the world wont some money start flowing back into dollars soon?
Hold on there matey, it wouldn't take 'much' for Dollar to strengthen. For instance - further QE in Europe as bailout of PiIgBS (B 4 Belgium) is estimated to be well over 1.5 trillion Euros (around 2t US). Then we have Korea conflict - cash is King. Technically USD is in a pennant with above target being around 88 (currently 81). If inflation was to edge higher then short term interest rates would have to rise which pretty much means Dollar up further.