Wednesday, September 30, 2015

Is gold forming a triangle?

A couple of days ago we suggested 3 possible moves for gold (Gold: A road-map for the next 15 days).At that time we were neutral and in fact we remain neutral on gold.Gold broke below the support line of the rising channel and currently is moving towards 1110 support.

If gold bounces at that level then probably gold is forming a triangle (usually a continuation pattern).

If gold breaks below 1110 and especially below 1090-1095, this will mean a possible move towards 1040-1045.