Gold Price Up And Down Like A Spring
















Speaking of confused markets, the GOLD PRICE yesterday fell USD10.90 to close at USD942.30 on Comex, equal to RM106.62 per gram. The gold price needed to follow up with a higher close today, but fell instead. Isn't that weak? Not really, because it didn't fall out of the triangle it has been trading in. I'm tempted to say (with Ned Schmidt) that gold is in the hands of traders, who are taking it back and forth to scalp small scalps.

However, the technical pattern doesn't lie. Gold continues to trade within that triangle; falling out of the triangle would have spoken of terrible things, but gold has not fallen out of it. And even-sided triangles can break out up or down. Like a spring, the gold price is coiling for a break out. It's a bull market, so it will most likely break out to the Upside. Only the question is when it will end the spring circle.

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