You have to admit, the complacency is somewhat troubling.
Gold – Double Bottom and Trendline Break
Consolidation: Gold has been trading choppily since falling from Octobers 1795.80 high. It fell to 1672.28 by early November, and continues to consolidate between these two levels. As we start a new week of trading, price action in gold appears to be forming a bottom. Double bottom: The bottoming action refers to the double bottom being completed as we begin the 12/10 Asian Monday session. Pushing back above 1700 showed lack of bearish conviction, and further push above 1707 clears some recent support/resistance pivots as well as clearly completing the double bottom. Trendline break: There is a falling trendline projected from ... (full story)
- Posted: Dec 10, 2012 7:48am
- Submitted by:Category: Technical AnalysisComments: 2 / Views: 2,464