Inverse H & S, Cup & Handle and Rounding bottom, these are the patterns that one can currently visualize. So the bulls have set it up but do they have the bottle to hit a home run in the short term? If they can, then there is a 6.6% measured move from the neckline awaiting as a payoff. The bullish scenario plays out like this: T-Line support and the 1178 pivot low holding and a successful break above 1222.84. 1240/50 resistance is the next potential stumbling point. A break below 1178, deals the first blow to the Gold bulls and sees next support zone at 1160/1150. Time will tell but I am bullish against 1178.
