Near Term Trend: Neutral to Negative Friday’s Close: $1,230.30 (- $ 19.20)
UPDATE: We identified the upside breakout in Gold above $1,089.00 four months ago. Subsequently Gold had rallied $178.00 toward the $1,289.00 five weeks ago.
Since that time the market has been constructing a broad top in the form of a possible Head & Shoulders.
For the last two weeks, we have stated, “A close below the neck line ($1,222.00) would be major sell signal”. As of this past week, price action came within $5.00 of the neckline.
NOTE: Neckline is currently (slope) $1,225.00.