Gold Triangle Support at 1565 on Friday

Daily Bars

Prepared by Jamie Saettele, CMT

After breaking the triangle pattern, gold has dropped well into its former range. Other than calling this a range, there really is no reason to waste time trying to figure out where this market is headed next. In fact, one can make the argument that the triangle remains underway (latest top composing wave C), in which case this market will get even more frustrating to follow over the next few months.

LEVELS: 1569 1578 1584 1596 1610 1618