Option Investor
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Gold built a bearish head and shoulders and pretty good looking on at that, symmetry between the left and right shoulder, and confirmed that bearish pattern today. MACD is following price and has no divergences to support or negate the pattern so I am basically not using the MACD.

When watching any stock you need to consider 65% of its price movement is dependent on the entire stock market, 20% on the index it is in and only 15% on its own fundamentals. But with Gold you have use different criteria because it doesn't trade with or against the stock market as much as it trades inversely to the US $. So you need to take into consideration how the stock market is affecting the $ or vice versa then how that is affecting the price of Gold.

I know some people swear the price of gold goes up during the Indian wedding season and I am sure it will affect the price somewhat but not nearly as much as what the greenback is doing.

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