Finally, it looks like a triangle in Gold as well. At least that works when we connect the dots. All I can tell you is patterns such as these in the bigger picture usually resolve in the direction of the long term trend which is still up. The potential good news in gold is if this is a bullish triangle it already has 5 terminating points which means the minimum requirement for completion has traced out.
If bears are going to show up to any degree this has to be the week for it. Next week traders start their end of year vacations and you don’t end up with much headline risk either because politicians are safely away from their legislative posts. At this moment we have no clear indication other than the seasonals which would mitigate bearish activity. No miracles, just business as usual.
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Jeff Greenblatt is the author of Breakthrough Strategies For Predicting Any Market, editor of the Fibonacci Forecaster, director of Lucas Wave International, LLC. and a private trader for the past eight years.
Lucas Wave International (https://www.lucaswaveinternational.com) provides forecasts of financial markets via the Fibonacci Forecaster and other reports. The company provides coaching/seminars to teach traders around the world about this cutting edge methodology.