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Gold Consolidation Since February May End up as a Triangle

Gold Consolidation Since February May End up as a Triangle

2016-03-31 18:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold Consolidation Since February May End up as a Triangle

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Gold completed a diagonal pattern (wedge) the week of February 12th. The objective from the pattern is the origin of the diagonal, which is 1392. 1307 is a good candidate for failure however. Near term, the consolidation since 2/11 may end up as a triangle (b wave high and a=c…so far) before additional strength.

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