Nickonomics

Gold: Triangle thrust is imminent

FX:XAUUSD   Gold / U.S. Dollar
The price of gold             has been coiling all week inside a clear Triangle pattern . The Fed's announcement this evening may lead to a breakout and thus offer new trading opportunities. Our view is that a break above 1105 would also activate a reverse Head&Shoulders pattern and target 1122 area as first objective. On the other hand, a move below 1077 would mean downtrend continuation to 1060-ish.
I'm considering buying a bit earlier just above 1100. I guess the previous upswing is a first wave (or A), now we're in 2nd (B). So, another wave higher is likely.
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