July 9, 2010

THE WEDGE OF GOLD


  • Gold chart is showing some correction from the recent historic high's
  • The price may get support near the bottom line of the raising wedge.
  • But in the long term gold is bearish. When i say bearish it's not going to come down in a hurry. 
  • If the price moves within  the pattern for 2 to 3 months without breaking down it can even go to 1300 levels.
  • When it breaks down from the wedge the correction is going to be a large one. Because the wedge patterns when it occurs in higher time frames they are very reliable.

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