Date: December 2012: goldflagpatterndec13.gif (1574×728)

goldflagpatterndec13.gif (1574×728)

A multi-year flag pattern is taking shape in Gold, with the bottom of the flag being a 7-year support line. Can you see two images in the picture in the upper left corner in the chart above? Their are two ways to look at a flag/pennant pattern. 
One thing for sure.....Long Gold owners want and need this support line to hold!  
The post below, discussing mining stocks, reflects the same message....both Gold and the Miners (see Gold Miners support here) need to hold now!

goldflagpatterndec13.gif (1574×728)

Comments

TimTim
Confused on the support line since it was clearly broken in 2008 12/14/12
Tim KnightTim Knight
I tend to be a purist about trendlines, but from time to time, it's OK to let prices briefly breach the line, as long as there are ample other touchpoints 12/14/12
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