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Gold: Approaching Reverse Head And Shoulders Neckline

Published 08/29/2017, 12:14 AM
Updated 07/09/2023, 06:31 AM

It looks like a a massive reverse Head & Shoulders formation could play out nicely if Gold can break and hold above its neckline (and converging 40% Fibonacci retracement level) around 1376, as shown on the Monthly chart below.

Longer term, we could see an eventual run-up to converging major price and 60% Fib retracement resistance around 1600. Watch for not only a continuing rise on the Momentum indicator, but also an increase in its velocity, should we see such a sustained neckline breakout, as confirmation of bullish commitment.

Gold Monthly 2007-2017

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