“Yields Reverse Early Fall, 5% Nears With Fed Hike Locked, Oil Drops As Markets Rally”
GLD has a bearish head-and-shoulders pattern; it remains valid only if the 4,300 neckline holds, triggering a breakdown on a daily close below it.
All right, let's go into some gold action here. Gold today, early in the day when yields were down and the dollar was at its lows, gold was at its highs, traded as high as 4,400.
By the end of the day, it gave back half of that gain. In fact, more than half, just up about 6%. This is all I care about on gold. This trend line at 4,300, that has to hold next week.
You still have your head and shoulders pattern here, which is a very, very important bearish pattern formation. Only bearish if it triggers with a daily close below the neckline of 4,300. Watch that closely next week.