Hunter
Short

BEARISH PENNANT FORMATION ON GOLD

COMEX:GC1!   GOLD FUTURES
71 2 0
Pretty obvious whats shaping with Gold             . The levels below are realistic trendlines that are strong levels.
I do quite agree with the bearish outlook and the bearish consolidation, but the trend lines really do seem a bit random... what lows did you use to plot them?
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Hunter VladimirGas
So during a downtrend PREVIOUS Resistance and Support levels become SUPPORT Levels you want to watch out for. Sometimes the market will blow through them and thats ok. I look for levels where significant momentum was generated. Theres is a reason I chose the levels I'll be looking for as I anticipate Gold to trend downward. Hope that helps.
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