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Gold Potential Short Term Head and Shoulders Top

300 Minute Bars

Prepared by Jamie Saettele, CMT

"Last week's huge outside bar is consistent with a larger top as is the massive spike in volume on futures (CME…see COT link below). Near term, it is possible that a head and shoulders pattern is unfolding as well. A break below 1703.17 would be needed in order to trigger a bearish breakout."

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Trend Strength (M,W,D) - 3 , 2, 1

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosses on Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream . A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market . Send requests to receive his reports via email to jsaettele@dailyfx.com .

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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