jangseohee
Short

IAU, M, Symmetrical Triangle

AMEX:IAU   ISHARES GOLD TRUST ISHARES
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Dear Traders,

As this iShare Gold Trust ( IAU ) mimics the actual Gold Futures price identically, i thought i see sometime in this monthly chart. IAU is right in the downtrend channel and consolidating in a symmetrical triangle fashion. Very soon, a breakout either on the upside or downside is going to happen.

I am more bearish as according to textbook technical analysis (though not necessary it must happen), consolidation in a downtrend signifies more downside to come.

Although monthly MACD shows the onset of a golden cross, i would still maintain my bearish sentiment for mid-term as the price is still under 200EMA
alright, took profit
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