Generally agree and nibbled GLL on the same theory; however, for the H&S to be valid the neckline must be pierced. I wouldn't be surprised to see gold test $1911 or maybe even $2000 before rolling over toward your $1500 PT. I would agree though that the formation of the right shoulder on lower volume is setting up the potential exodus of big money players.
Thats not & this is not a H&S pattern , iys not had enough interval & time to develope ...yoiu could be right and you could also flip a coin too.... that it is overbought , yes it is so are the Corn Futs which have outperformed Gold for the last year here .
The right should formation I believe has already occurred on Friday. I am short at 173.20, 175.o1 and finally at $177. I am down down quite a bit already on my trades with gld but I know that you can't eat gold and at some point unless governments collapse specifically USA at this point, gold will fall. I believe that point is very near--it may rise and get over 180 on Monday but the correction will be swift with the first stop at 160 ish, thereafter down to 140-145.
Well here it is in writing but those buying now must underrstand that going up is much harder than going down.