Chart of the Day - Monday, September 30th, 2019

Today's Chart of the Day was shared by Greg Rieben (@gregrieben). It's a daily candlestick chart of Gold futures. Greg points out that Gold has formed a "textbook" head and shoulders pattern. This bearish chart pattern has developed over the past two months. Gold has been on quite the run this year. It's currently up 16% year-to-date and has hit multi-year highs in the past few weeks. However, today price fell below $1,500 per ounce and broke the neckline of this pattern (around $1,485). It would be prudent to anticipate some near-term weakness in Precious Metals as long as Gold stays below the neckline. For more on this development, check out our latest report.