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Gold Is At A Critical Point

Published 08/04/2016, 10:36 AM
Updated 07/09/2023, 06:31 AM

October Gold Future

Gold needs to break out of its blue H&S right shoulder rising megaphone right now or it's going for another new high.

Gold has completed a perfect H&S top on its blue rising megaphone right shoulder for its potential H&S top (red neckline).

The breakout target is the H&S neckline. Gold could bounce there to form a triangle right shoulder (orange scenario) or it could just break down through the H&S neckline (green scenario) with a minimum target of 1150 and a likely target below 1000.

If gold can’t break out of its blue rising megaphone here, it’s headed up to a new high and likely a substantially higher high.

August Gold Future

If gold takes out the July 6 high, it would confirm a new Rising Megaphone (red).

The target of a breakout to a new high would be roughly the orange megaphone top.

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