At this point I believe it is safe to say that this pattern will continue to play out nicely in the short term. If you had bought at 1324 (2 dollars off from my predicted previous support) congrats. When the price was poking its head above that huge resistance line I was watching for that inevitable pop above this key technical price but it never happened even a though the price staged two nice attempts for a break out. We are definitely going higher given the current conditions. The Dow should , should? , actually stop going up next week which could accelerate or if a BIG equities sell off ensues we could actually see red for gold at the same time but it would have to be a very large sell-off. We do need to see a pull back and that I believe will occur between 1400-1420 area.
Comment:
Shorts are going to get hammered again. Looks like such a good short trade at this point. But this is were we break the pattern to the downside in order to build momentum before breaking the pattern to the upside.