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Head and Shoulders Breakdown in Gold!!

Head and Shoulders Breakdown in Gold!!

Gold has topped out at 1851, after smashing through our upper level at 1836. As you can see, 1851 is one of our levels as well. Two red triangles on the KRI marked sharp resistance, and we immediately rejected these higher levels, dropping down past 1836, and extending down to 1826, where we found support just above this level. Currently, we appear to be seeking value between these two levels. We see what now appears to be a head and shoulders pattern with a neckline at 1836. The Kovach OBV had flatlined at these highs, but has turned over with the selloff. Our next level below is 1815, where we should see good support. If momentum returns, then the neckline of our head and shoulders pattern at 1826 will provide significant resistance.

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