Gold Futures Daily Chart update, after testing the Weekly Neckline of the Inverted Head and Shoulders from the original September 12, 2012 post. Long term gold still looks in tact of breaking the neckline. It was a substantial rally off the right shoulder lows 1526.40 all the way to the neckline high of 1804.40. So far this pullback is extremely organized in a downward channel. Note: value building within the 1700-1720 range. A break of this range will prompt an initiative type trade idea, and in result take out the downtrend channel, signifying the trend is apt to reverse. The "H" and "HH" shown on the chart above is a range where gold could find some minor resistance. Keep in mind the weekly time frames are in charge, and this post of the daily is an idea for those who missed buying the right shoulder an idea for entering gold long, stopping under the 1700 level, buying on a break of the value range high. If 1700 is seen I'm anticipating major support against the 1642.40 price seen on the weekly chart.
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