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.
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![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
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5 comments:
Why not 1-2-3 formation?
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.
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?
I was thinking the same thing as the anonmymous commenter above....
Doesn't EUR usually go strong during Thanksgiving and USD got sold off in yearend?
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