BEARISH HEAD N' SHOULDERS TOP ON GOLD? NOT SO FAST
Many analysts are pointing out a bearish head n' shoulders top pattern on the gold daily. Although this may be true in some ways, there are a few problems with this pattern that may prove to produce disappointing results.
First of all, the LEFT SHOULDER is way smaller than the RIGHT SHOULDER which means the pattern will not play out as expected.
The LEFT SHOULDER is way too low ... only $2 from the point the pattern last touches the neckline at 1260.
Finally, the price has yet to even drop below the peak of the LEFT SHOULDER and that may not even happen.
First of all, the LEFT SHOULDER is way smaller than the RIGHT SHOULDER which means the pattern will not play out as expected.
The LEFT SHOULDER is way too low ... only $2 from the point the pattern last touches the neckline at 1260.
Finally, the price has yet to even drop below the peak of the LEFT SHOULDER and that may not even happen.
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