Gold has drifted steadily lower all day today, in what looks to us like a "bull flag". For those unfamiliar with the pattern, the "flag pole" is represented by yesterday's sharp rise from 1584 to 1620 (36 points).
The "flag" is a consolidation pattern, where the price drifts slowly lower in an orderly decline after the first "flag pole", before moving sharply higher with another "flag pole" equal in length to the first. The pattern therefore looks like a letter N, though with the bottom right corner much higher than the bottom left!
The low for the "flag" so far is 1602 -
The low for the "flag" so far is 1602 -
If this holds then the target for our bull flag pattern is 1602+36=1638.
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GOLD CURRENT TRADE
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Long 1 April Mini Gold at 1588 on 25/02/2013GOLD CURRENT TRADE
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Stop lose at 1583
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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
