On the
daily chart of gold we can see that the precious metal continues pulling back
to the downside after it made a high around the 1300.00 level. On this same
chart we can see that the price formed what it appears to be a “symmetrical
triangle”, which is broken to the upside before reaching the 1300 zone. If the
price continues falling and goes back inside the “symmetrical triangle”, then
it would be entering the congestion area or consolidation zone, while rendering
the pattern invalid. The price has been very undecided around this zone, due to
the fact that it is oscillating around the 200 week exponential moving average,
which is currently around the 1257 zone.
Excellent analysis!
ReplyDeleteIs retracing to the broken trend line.
ReplyDeleteGold is moving to the upside again, likely to retest the resistance at $1,300.
ReplyDeleteIn agreement with your post.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteI think it will continue climbing.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteGood post.
ReplyDelete