By Clive P. Maund The key message of this update is that gold is getting closer and closer to breaking out of a giant Head-and-Shoulders base pattern that started to form back in the middle of 2013 and to point out that it won’t be stopped from doing so by any minor short-term reaction, especially as the dollar has just broken down from a giant top pattern and looks set to plummet, notwithstanding any near-term rally to alleviate its oversold condition. We’ll start by looking at the latest 8-year chart for gold which shows a fine flat-topped Head-and-Shoulders bottom. We can observe how a large and lengthy Right Shoulder has formed following the mid-2016 peak, that complements the large and lengthy Left Shoulder, making the pattern symmetrical, even if its component parts are a rather messy. We see how the price has risen up in recent months to challenge the resistance at the upper boundary of the pattern, and most importantly these runs at the resistance have been a...
from GoldBroker.com https://www.goldbroker.com/news/market-reversal-looks-imminent-very-bullish-picture-for-gold-1261
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