Gold at Triangle Support
Daily Bars
Prepared by Jamie Saettele, CMT
If a triangle is unfolding from the May low, then the range will tighten for perhaps another few weeks or more before the break. "Gold has oscillated on both sides on 1600 since May 2011. This length of consolidation will probably fuel an impressive break&eventually. The sideways trading from the May 2012 low is taking on the form of a head and shoulders continuation pattern (bearish) but a break below 1548 is needed to confirm. Exceeding 1641 would shift focus to 1671 (May high)."
LEVELS: 1500 1527 1548 1583 1600 1625
Prepared by Jamie Saettele, CMT
If a triangle is unfolding from the May low, then the range will tighten for perhaps another few weeks or more before the break. "Gold has oscillated on both sides on 1600 since May 2011. This length of consolidation will probably fuel an impressive break&eventually. The sideways trading from the May 2012 low is taking on the form of a head and shoulders continuation pattern (bearish) but a break below 1548 is needed to confirm. Exceeding 1641 would shift focus to 1671 (May high)."
LEVELS: 1500 1527 1548 1583 1600 1625
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