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Gold Still Confined to Triangle

Gold Still Confined to Triangle

2012-08-06 20:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Gold Still Confined to Triangle

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.

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