Gold continues to consolidate, and with it the potential for the next big move. This one could go either way – the bears have some technicals in their camp but the long-term trend is still up.
I have regularly updated the Gold chart, this week I will keep it brief. Peter Brandt did a great post today on Gold, examining the inverse head and shoulders, long-term trend, and a descending triangle.
Below is the weekly chart of GLD I am currently watching. As Brandt noted if we draw the bottom trendline of the channel using intraday lows, we are still just barely above the channel. As drawn below we are just below the bottom of the channel:
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