ucsgears

GLD - Nice Consolidation

COMEX:GC1!   GOLD FUTURES
38 1 1
Good Consolidation - BASE formation
Personally I would not call this a consolidation. Consolidations usually refer to a drawn out period of accumulation after a significant sell off histrionically low levels. The red lines show a major wedge - A trade should be made when the price breaks out from the wedge ( up or down). This should occur between September - November. When you consider (Monthly Chart) the 'bubble' top that occurred in sept 2011 my bet would be a breakout to the downside to at least 1000$. Alternatively a breakout to the upside could take it back to 1600$

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