Observed a Head & Shoulder pattern in Gold Daily Chart.
R2: 1387
R1: 1382
R: 1375
S: 1350
S1: 1329
S2: 1325
There are too many fundamental news out there that could drive market crazy, if there's outbreak of war, resurgence of euro zone debt crisis, then Gold - the safe heaven of all time~ may just ignore this H/S pattern and fly higher, however, from technical point of view, 1,375 would be a strong resistance for next week.
Forecast Next week (29-11-2010): Gold market to consolidate between 1350-1375.
While I favour to short near 1,375 region, I am looking at Gold to break below 1350 towards end of the week. Stop Loss 5-7 points away.
Breaking below 1,350 will dive to 1,330.
Breaking above 1,380 will lead to 1,400.
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