Gold News

A head-and- shoulders pattern is formed when a commodity makes three consecutive peaks

Gold May Target $1,250 Peak, Standard Says as investors look for safe havens

A head-and- shoulders pattern is formed when a commodity makes three consecutive peaks

Gold may target a record $1,250 an ounce as a continuation head-and-shoulders pattern may be forming within a longer-term trend, Standard Bank Group Ltd. said, citing trading patterns. A break and close above $1,050.40 “provides warning that an important breakout” has occurred, Darran Grabham, the bank’s technical analyst, wrote in a note yesterday. A head-and- shoulders pattern is formed when a commodity makes three consecutive peaks, with the middle being the highest. It forms during a series of increases over time. Gold is trading at $951 as of 9:19am, London Time. Gold’s Pool-Position is 73% Long, meaning that most Finotec clients are buying the precious metal.

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