$GOLD daily Dec 12th
I’ve mapped out my preferred scenario in this updated daily chart of $GOLD (spot gold prices). My current expectation is for a reversal around 1250 followed by either a relatively shallow pullback (first set of arrows) or a deeper pullback to around the 1180 level before prices move higher to breakout above the downtrend line and move considerably higher. The latter scenario has the potential to form a very symmetrical Inverse Head & Shoulders Reversal Pattern which would project to around the 1340 level.
Of course I’m open to all possibilities, including both a more immediate breakout above the downtrend line (which aligns with my call for a near-term pullback in the $USD) as well as one more new low in gold before a more lasting bottom is in place. As such, this chart will be updated as any significant technical events develop.