February 11, 2013

GOLD Triangle and channel

  • Gold daily chart shows price near the apex of a triangle pattern.
  • Second chart shows price testing a possible support line inside the Descending channel. A false breakdown below this support line looks likely. This breakdown also means price violating the 100 Week SMA shown in last chart. For bears of gold need price to close the week below 100 Week SMA which may not happen. Price is likely to take support on 100 Week SMA or close back above it after a false breakdown.

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