Don't Ignore This Chart!

Gold ETF Forms Small Inverse Head-and-shoulders Pattern

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The Gold SPDR (GLD) remains in a clear downtrend, but a small inverse head-and-shoulders pattern is taking shape the last 10 days. Neckline resistance resides in the 131-131.5 area and a break above this level would reverse the 4-5 week slide. Also notice that the Dollar and gold have been falling together since mid January.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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