03 May 2012

Gold : Weekly Triangle Consolidation

  • Monthly : Uptrend, but lost momentum in last 10 months. Near vertical rise since Nov08 means that a large decline is quite possible within context of the long term uptrend though.
  • Weekly :  Coiling into a triangle, boundaries at 1744 and 1594 (current 1639). Worth a shot going with a break of either side. As things stand, looks like downside break more likely next. Note if the triangle break works on the downside, 1300-1400 is likely.
  • Wait for the break.

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