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Gold: Triangle Consolidation: Add To Longs Above $1367 - Goldman Sachs
Gold has formed a triangle like consolidation since the July 11th high. Initial support comes in at 1,321. If this is truly a corrective pattern, it should go no lower than 1,302.85 (ABC from July 11th). Will gain confirmation of an upside break through the Aug. 2 nd high which is up at 1,367. Once a complete correction is in place, the level to target is 1,457; an ABC equality taken from the Dec. ‘15 low. Will re-assess the impulsive or corrective nature of the rally if/once the market does reach this 1,457 pivot. In other words, breaking past 1,457 will suggest that a more meaningful rally could be developing ... (full story)
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