Friday, September 4, 2009

GOLD in breakout or Ascending Wedge in process?

Here is a Weekly GOLD chart.

In RED is the possible Ascending Wedge formation. This outcome implies a steep fall once the supports gives in.

In Green is the observed Symmetry of the move from $420 -> $720. The the Breakout and the current Range $720 <-> $1000.

It Reminds me actually a skewed variation of a Bearish Bow Tie formation.

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