Tuesday, December 04, 2007

Gold Flag

There are high odds that a small triangular flag is developing on the gold chart. Friday's intra-day low was probably a higher low that establishes the uptrending lower side of the triangular flag.

There are only weeks left, not months, to gold breaking out above the down sloping upper side of the triangle.

This makes sense considering the rate at which elements of the US dollar and the world's financial system are getting worse and worse.

No comments: