Gold Reverse Head and Shoulders

While Barrick Gold's (ABX) decision to eliminate all of its hedges on the price of gold may end up marking a short-term top in the price of the commodity, technicians would argue that the company's decision was a good one.  As shown below, the price of gold is in the late stages of a reverse head and shoulders pattern.  If this is the case, and the commodity can finally decisively break its neckline level of $1,000, this pattern would imply a price target of $1,300 for the metal.

 

Comments

[Eric Davs]

There is a reason to not subscribe to your service... don't worry, I'll let you in on the joke .... Oh, Why would i do that!

I'll just giggle...