Gold: The Next Move is Coming

Gold: The Next Move is Coming

Are you ready?

If not, you should prepare yourself.

Why?

Because the next wild swing for the gold price is coming.

Just yesterday I was tinkering with the gold charts. And I noticed that the US dollar gold price is forming what’s called a ‘rising triangle’.

Have a look:

Gold in US dollars – daily chart

Source: GoldPrice.org

The blue horizontal line at the top shows you resistance. A point the gold price is struggling to move through.

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Then we have the blue diagonal line. This creates ‘support’ for the gold price. The ‘high lows’ in the price tend to get technical analysts all excited. When this plays out, it’s treated as a positive sign that higher prices are on the way.

What’s more important to note, though, is that the gold price action seems to be consolidating into a narrower and narrower range.

However, when looking at rising triangles, know this: The price move could go either way.

My inner gold bull says the yellow metal may bust out and challenge US$1,500…

…but the bear in me says to be wary of falls below that support line, particularly if it drops to US$1,360.

Nonetheless, this trading range is getting narrower by the day. Meaning the price breakout isn’t far away.

Just how soon will that be? Well, I’ll hand you over to Jim to explain the big-picture moves in the gold market.

Either way, hang on to your hats. Gold is about to move quickly.

Until next time,

Shae Russell Signature

Shae Russell,
Editor, The Daily Reckoning Australia