Gold's prior major rally in 2007 hit the measured move of its pennant. Target for the head and shoulders pattern would be $1360 (not $1300 that I mentioned before). And it looks like gold made a clear break of a flag, which would give these measured moves to- $1326 if you start at the green line, or
- $1366 if you measure from the purple line.
Interesting how these both give basically the same targets as the head and shoulders does.
I'll take 1/4 of profits close to prior high, 1/4 - 1/2 between 1300 and 1360, then hold the rest with a trailing stop to see if we hit $1500 or higher. Depending on the price action I'll have my stops under either weekly or monthly lows, or some other support level if that develops.
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