Gold In Multiyear Consolidation

Last six months were mostly in red for the precious metal. Current downtrend, however, is part of the broader consolidation started September 2011 as a triangle consolidation and slowly moving into parallel one, as seen on the chart. After formed two tops and two bottoms since Oct 2012 gold is moving like snake in a tunnel on its way down to the strong resistance: $1560. Only successful breakout above 200 day moving average ($1668) could bring some relief.

More on
Best CH


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.