Gold - Weekly Symmetrical Triangle
Gold has not been doing much over the past few months but if you look at the weekly chart you will notice a large symmetrical triangle that has developed. The trend prior to the formation of the triangle was up so I will be looking to get long on an upside breakout of the triangle. Specifically the level I am watching is the 95.25 area. Until that price is taken out, I will remain on the sidelines as I have for most of the year for this market.
Posts
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
4 comments:
every website talks about the symm triangle for gold.everyone has seen it.but the triangle is still in effect and not completed for a breakout.so that means its some other pattern not obvious to most.i think gold is breaking down.
i'm currently short comex gold.good luck
hi, if you really believe in this long-term uptrend in gold then its probably better to buy the dips. What do you think?
Well that's the thing, I don't really believe in the uptrend which is why I want to see gold prove to me that it is bullish by breaking out of its triangle.
And many a Sym TRI marks
the last move and many are
a fake out of on going trend
and then a reverse of it.
I think this is what will happen.
Post a Comment