Finally there is a chance to say something positive on the gold chart. Since the end of June, the price was forming an inverted head and shoulder which is a price reversal pattern. The most important part of this formation is the neck line (blue) and as we can see, it was broken yesterday. Currently the price is correcting this upswing but technically we are above the neck line and as long as the price will stay above this line, traders can think about opening long positions.
The recent rise was caused partly by the fundamentals as some of the biggest gold producers reported that the cost to produce the ounce of gold is 1150 to 1200 USD. This sets the support level where we can expect the supply to weaken. Currently the closest resistance is 1270 USD/oz and is way below the minimum target of the iH&S formation. This shows that it will be very hard for buyers to correct recent drops especially when the long-term sentiment is strongly negative.
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Gold Starts To Shine
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