Gold could be forming the “right shoulder” in a bearish head & shoulders pattern. The trend is up, so the odds don’t favor this read, yet it does remain a potential.
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Not only could Gold be creating a right shoulder, it is testing the underside of resistance, that used to be support at (1).
GAME PLAN…Aggressive traders should start building a position at (1), using DZZ. This is for AGGRESSIVE INVESTORS only and if purchased, a tight stop of just 3% should be put in place! I am ok with being wrong on a position, not ok with being wrong for long!
Matt…I suspect you are right and I should say I am sorry!
I longed it recently, does that count any? As you know I am not a bull nor a bear, just attempting to “inflate portfolios regardless of market direction.” The odds aren’t in my favor on this suggestion Matt, yet if the “power of the pattern” happens to be correct DZZ could inflate a pretty good deal.
The gold bugs are gonna love you for this one Chris! haha
Any thoughts on the gold/silver ratio chart?