May 14, 2012

Gold triangle update

  • Price testing the support line of the triangle pattern.
  • Breakdown below it should also takeout 1522 for the current fall to continue.
  • Month chart is shown with 20 Month SMA. Price is testing this level. Having violated daily and weekly levels bears of gold need to close below 20 Month SMA for the fall to extend.
  • Getting support at 1522 or the triangle support line may result in a rally towards the upper end of the triangle pattern.

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