Chart of interest - Gold
The decade long rally in Gold has been in a wide ‘flat bottom triangle’ consolidation for nigh on a year now. My main premise has been that the Gold market is sitting ‘long’ and that there would be very little oomph from any further Fed action. As such I have been looking for a potential shake out to the downside.
My view is in jeopardy as the precious metals have put in very good performances over the last few days. Recall Gold and Silver were amongst the biggest beneficiaries of the U.S.money printing programs previously.
Given developments the Gold charts are particularly interesting.
Fig 1) – 10 year Gold chart
Fig 2) – A closer look. US$1,660.00 looks a key level.