Date: June 2012: PeterLBrandt
PeterLBrandt
Gold on the verge
The major trend on the weekly chart has been broken, as shown by the weekly graph below.
Since September the market has traced out a massive descending triangle. These are very reliable patterns. A decisive close below $1500 would complete this pattern and establish a target of $1241.
Explosions often need a blasting cap to set off the main charge. Markets can behave like this sometimes. Small, seemingly insignificant patterns, can set off a enormous blast. The daily chart displays a small pennant formation. This small pattern could become the blasting cap. A close below $1530 could spark the blasting cap.
One caveat — the small pennant would become a symmetrical triangle bottom if Gold can close above $1585. This would indicate that the lower boundary of the descending triangle will hold for now.
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