Saturday, November 08, 2008

Bear Flag In Gold



Gold has been in a downtrend and is now consolidating forming a bear flag. In fact, many of the foreign currencies have a similar chart to gold with the Euro forming a bear flag as well. I think if we see the dollar strengthen next week, that will trigger the next leg down for Gold, the Euro, Swiss Franc and British Pound.

5 comments:

Anonymous said...

Why not 1-2-3 formation?

Kevin said...

yes, there is a 1-2-3 formation to buy but I do not take every 1-2-3 formation that I see. I need other tools to confirm the pattern.

Anonymous said...

Would you consider the pattern of DJ to also be a bear flag, given the formation resembles that of GLD, and you have a similar support line drawn?

Nefri said...

I was thinking the same thing as the anonmymous commenter above....

Anonymous said...

Doesn't EUR usually go strong during Thanksgiving and USD got sold off in yearend?

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