Saturday, August 29, 2009

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.


Anonymous said...

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 that means its some other pattern not obvious to most.i think gold is breaking down.
i'm currently short comex gold.good luck

HeadlineCharts said...

hi, if you really believe in this long-term uptrend in gold then its probably better to buy the dips. What do you think?

Kevin said...

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.

Anonymous said...

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.


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