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Gold at Triangle Support

By DailyFX,  July 12, 2012, 06:08:00 PM EDT

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

forex news currency trading


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks:



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