My friend Josh Brown shared the headline above, asking if “Gold could lose $500 per ounce?” This idea was based upon a Power of the Pattern chart I shared with him. At the time of this posting Gold was trading at $1,611 per ounce. I ended up being wrong, as Gold did not drop $500 after sharing the chart with Josh. It did end up finding support after falling around $400 per ounce. See full article from Josh (HERE)
So much for the past….What is the Power of the Pattern reflecting in Gold Now?
CLICK ON CHART TO ENLARGE
Gold’s decline from $1,900 per ounce that started back in 2011, found dual support based upon a 15-year trend channel and a 12-year rising support line at (1) above.
Could a bullish inverse Head & Shoulders pattern be forming at these support lines? Very possible!!! What would negate this potential? A break of these support lines. It appears to me that a pennant pattern in Gold could be nearing an end!
If you would like to stay abreast of what the Power of the Pattern is suggesting for Gold on a weekly basis, I would be honored to have you as a Weekly metals member. You can get this research for as little as $29 per month (here) or we you can take advantage of our 20% annual discounts. (here)
–
–
