A couple of days ago, I tempered my bearish view on Gold by presenting a 30-minute chart. The sideways movement appeared to me as the beginning stages of a complex correction. Unfortunately, while the correction was “complex” in text-book terms, it didn’t quite recover sufficiently to give us another chance to shout “sell”. This is typical of complex corrections. It could take any form and turn with a speed that catches even an experienced trader off guard. The complex pattern that Gold traced was a symmetrical triangle. Here is the chart, with some comments written on it.
Readers might be interested to visit the widely followed blog of my friend Michael Seneadza. Trader Mike has recently been observing a potential symmetrical triangle pattern developing in Nasdaq and the SNP500 index. Here is the link to his post. I have posted my views on Nasdaq separately. Trader Mike has been publishing for several years and has some interesting ideas. Enjoy.