The pattern suggests a reversal of the uptrend that rose from the Dec. 31, 2013 low of $1,184.50. So, a previous target at $1,377 has been aborted. The neckline of the pattern is around $1,330, so it could be strategically safe to target $1,307 when gold slides further to $1,328.
Resistance is at $1,341, a break above which will make signals neutral. Only a further gain above March 3 high of $1,354.80 could signal an extension of the uptrend.
The views expressed are his own.
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