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Gold has shattered secular resistance at the $1020-mark today. The metal is trading at around 1043 at the time of this posting. Since our data provider Stockcharts.com only provides end-of-day Gold charts, a chart of GLD (Gold StreetTRACKS) has been provided below.

If GLD can stay above the descending resistance line, a move to around 127 could be on the cards, courtesy a large Cup with Handle pattern.

Comments

[John F.]

Asher, perhaps more like an inverted H & S?

[Asher Pinto]

Hi John, Yes certainly could be an inverted H&S and we've identified it as such recently as well. Its sort of a hybrid formation in this instance and so the terms can be used interchangeably. As you know, however, the measurement criteria (of the target) is same regardless of whether it is a CwH or IH&S continuation. Thanks for your input!