Hewison Video Update and Projection in Gold

Adam Hewison released an update video last week on Gold as prices broke out of the triangle as I have mentioned here on the blog on the same day.  Sometimes it helps to have a video overview and a different perspective on the patterns, and I always enjoy Adam’s perspective.

His new video is entitled, “Is THIS the Move We’ve Been Waiting for?” and he takes a long-term, intermediate term, and short-term update on Gold prices, including a price projection using a possible inverse head and shoulders pattern (similar in target to the larger triangle projection mentioned here).

Adam takes a look at “Energy Fields” in gold:

Adam’s price projection and tracing of the Inverted Head and Shoulders Pattern:

I took both screencaptures from the video, and both images open up the video page for you to see.

In introducing the video, Hewison writes, “In my new video, I show you what I think is going to happen to this market in the near term and the long term. I also discuss energy fields as they pertain to gold, and where our Trade Triangles are positioned in the yellow metal.”

As Corey’s caveat, I’m waiting for a clean break above $1,000 or even $1,030 to get really excited and am watching for any ‘fake-outs’ or price weakness at these levels.  Sometimes it pays to be cautious, but certainly some strong buying pushed gold’s levels higher, which has continued until today, though I must say the September 8th gap up and fill candle (at least on GLD) gives me temporary pause.

Let’s keep our eyes on this market as closely as we can for signs of continued strength… or any sort of weakness (like today) creeping up on us.

Corey Rosenbloom, CMT