{"id":18423,"date":"2011-01-21T07:52:16","date_gmt":"2011-01-21T12:52:16","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=18423"},"modified":"2011-01-21T07:52:16","modified_gmt":"2011-01-21T12:52:16","slug":"technical-update-spot-gold-head-and-shoulders-pattern","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/01\/21\/technical-update-spot-gold-head-and-shoulders-pattern\/","title":{"rendered":"Technical Update \u2013 Spot Gold Head and Shoulders Pattern"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong><\/p>\n<p>The daily chart for spot gold shows a head and shoulders top reversal pattern whose neckline was <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2011\/01\/20\/gold-falls-following-chinese-data\/\">breached today<\/a>, setting the stage for a potentially sharp drop in the value of spot gold.<\/p>\n<p>The left shoulder takes shape in  mid-November with the head forming in early December at the all-time  high of $1,431. The right shoulder formed in early January. A rising  neckline can be found underneath the left and right shoulders. This line  was breached earlier today following a selloff in spot gold.<\/p>\n<p>Estimating the price move from the reversal pattern brings a  potential decline of $92. Measuring from today\u2019s breach of the neckline  targets the mid-June high of $1,265. This level coincides with the 61.8%  Fibonacci retracement from the July low.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2011\/01\/Gold_Head_and_Shoulders.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2011\/01\/Gold_Head_and_Shoulders.JPG\" alt=\"\" width=\"569\" height=\"611\" \/><\/a><\/p>\n<p><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><br \/>\n<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading <a title=\"Foreign Exchange\" href=\"..\/..\/\">Foreign Exchange<\/a> carries a high level of risk and                                                                                                                                                                                                                                                                                                                                may               not             be                                                suitable                     for                      all                                                                           investors.                                        There                             is          a                                                                                                                            possibility                                              that                                                             you                                         could                                                        sustain  a                       loss                                    of              all                         of                                   your                                                                                                                investment              and                                                                                              therefore            you                                                                            should                       not                                                      invest                                                       money                       that                            you                                                                        cannot                                                  afford         to                                                              lose.                 You                                                                      should                          be                                    aware                       of                                                all                               the                               risks                                                                                              associated                                     with                                             Foreign                                                                 Exchange                                                                          trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The daily chart for spot gold shows a head and shoulders top reversal pattern whose neckline was breached today, setting the stage for a potentially sharp drop in the value of spot gold.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-18423","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/18423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=18423"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/18423\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=18423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=18423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=18423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}