Gold Bugs Hopes Hinge On These Head & Shoulders Patterns!

Chris Kimble

Last week I pointed out a potential top on the US Dollar / Gold ratio.  That would be bullish for gold bugs.

This week, I have another potentially bullish setup to show you.

As most of you are aware, any weakness in the US Dollar is good for gold prices.

In the chart 2-pack below, we look at Gold and the US Dollar Index on a monthly basis.

Gold (NYSEARCA: GLD) is attempting to form a bottoming base in the form of an inverse head & shoulders pattern. At the same time, the U.S. Dollar is forming a potential head and shoulders topping pattern.

Perhaps it’s too obvious… but traders should pay attention to these patterns and how they play out!

Gold vs US Dollar Chart – Head & Shoulders Patterns?

gold price chart inverse head shoulders bullish_november 19

Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to services@kimblechartingsolutions.com for details to get set up.

Twitter:  @KimbleCharting

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

NOT INVESTMENT ADVICE – PLEASE READ INVESTMENT DISCLAIMER.