Tuesday, July 31, 2012

DailyMarkets.com - Carefully Watching Initial Breakout And Resistance In Gold

DailyMarkets.com - Carefully Watching Initial Breakout And Resistance In Gold

Carefully Watching Initial Breakout And Resistance In Gold

Posted: 31 Jul 2012 08:56 AM PDT

We've been following the long-term Support Shelf in Gold near $1,550 along with the declining "triangle" trendline, awaiting the possibility for a breakout in gold prices.
What started as an initial triangle break seems to have stalled at the first resistance target, so let's update the charts on Gold and highlight the key area on which to focus.
First, the broader Daily Chart perspective:

For Weekly Intermarket Members, I highlighted the recent "Triangle Within a Triangle" pattern … [visit site to read more] or compare Best Mortgage Rates, Credit Card Rewards or Best Credit Cards
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