Can gold’s recent price action help determine brea

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Can gold’s recent price action help determine brea

Post  harpal1980 on Mon Sep 07, 2009 1:00 am

Even though the major indices presented interesting movements last week, investors looked beyond stocks focusing on two major events. Unlike normal trading weeks where investors focus only on economic data or official’s statements, Gold had a say this time round, presenting a phenomenal two day rally. After presenting a symmetrical triangle, Gold soared higher breaking out during Tuesday’s session. Even though the move was fast and furious, intraday consolidation characterized as a minor pullback presented a buying opportunity shortly after, allowing traders to take this commodity higher. By taking a glance at the following 15 minute chart one can see that following the break of the upper trend line resistance level, Gold presented a comfortable pull back.

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