Seeking Alpha Contributor Picks Up On Head-And-Shoulders Pattern

That contributor is "Gold Price Today," who includes a chart of recent gold prices in U.S. dollars. Noting a head-and-shoulders pattern that's near completion, the contributor forecasts a drop to $1,050/oz. That drop would put gold just below the bottom of its current trading range between $1,060 and $1,140, and the trigger for the decline would most likely be a further run-up in the greenback.


I've been discussing the same possibility myself recently, although my own commentary has been more tentative. Based upon recent action, the only way I can see $1,050 reached is through a waterfall decline.