Gold’s Bearish Technical Setup

We noted last month gold’s head and shoulders formation, which, at 125o-ish was met with a massive short covering schnapper.  Last week’s strong GDP and employment data seems to have changed the sentiment and moving up tapering and higher rates.

The gold chart is thus setting up once again to test the 1250 level and triggering the an H&S reversal with a break of the neckline.   Stay tuned.

Nov12_Gold

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