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Held captive by the low volume holiday week, gold sector investors look as if they will get dunked again upon the US market open today. There are a few different potential scenarios in play with regard to the gold stocks, but gold itself has been pretty clear since the momentum-fueled 'channel buster up' last summer.
I've written more than once about symbol CEF, the closed-end commodity mutual fund from Canada sporting a textbook-perfect head and shoulders pattern. The target price of 12.50 seems almost too good to be true, but so far, this short is behaving itself nicely.
ES broke the support trendline from the low at the close last night and if we're going to see a retracement then this is the place. I've not marked it in but the hourly 50 SMA was support last night and an hourly close below that should confirm a retracement here. That's currently at 1257.5. There's a currently promising double-top setup with the target in the 1244 area and a potential H&S neckline, and decent support, in the 1250 area:
