GOLD - 4 hour chart

There seems to be a nice ascending triangle forming on the 4 hour charts....

I am no expert in gold - but there seems to be a nice wedge within a bigger wedge IMHO. It looks like its got the right candles (lower lows) and it seems to be heading for the 1700s.

Any expert views are highly appreciated.

Thanks.

4 hour chart.
dl.dropbox.com/u/4385922/gold.png

Nice spot Waverider2.

Your ascending triangle coincides nicely with the intermediate downtrend resistance so a breakout of one would likely cause a breakout of the other:



dl.dropbox.com/u/20815047/Golddaily07_02_13.gif

I'll look to go long on a break of that trendline to target the next (main) downtrend resistance.

Hi Jackozy - This would also support the probability of a pull back on equities? DOW/FTSE appear to be stalling.

Gold Price Cycle

When Will Gold Peak?

www.wealthdaily.com/articles/gold-price-cycle/3963

By Joseph Cafariello
Wednesday, February 6th, 2013

SOme pretty wild swings in gold at the moment.

There has been some seriously long hourly candles in the last 2 hours lol

Jack - did you catch the trend line or do you foresee another drop?

Isnt this looking very close to a breakout of down trend line?


Daily chart:
dl.dropbox.com/u/4385922/gold_daily.png