XAU Update

The XAU has one of the cleanest charts of the precious metals stock indexes in that the double bottom was very symmetrical, both bottoms were very close to the same low. It also had very nice reverse symmetry in this last rally off the second bottom. That brings us up to speed on the reason for this post. On the chart below I’ve drawn in a possible inverse H&S bottom with the head portion being the double bottom. I’ve also added a neckline symmetry rail that so far nailed the low for the possible right shoulder. I have shown you before how I use a neckline symmetry rail to look for an area that might form the bottom of the right shoulder. Sometimes they can hit dead on the money like this XAU chart and sometimes the low for the bottom of the right shoulder may be higher or lower. It just gives us a rough estimate, if one is looking for a H&S pattern, to look for some symmetry to the left shoulder. What I’ll be watching very close is how we interact with the neckline which will give us some important clues if I’m right about the potential game changer. This will show up in the other precious metals stock indexes as well.

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What is he seeing Now ?
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