Articles
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Trader alert: This could be the "line in the sand" for gold and silver
What is happening to the metals? — a chart update
Posted by PeterLBrandt on February 20th, 2013
The charts look potentially very ugly in the metals
I do not blog much anymore — far more important things going on in my life in building and launching my fund. But, last time I covered the metals I cited potentially bullish chart in Gold. The weekly Gold chart has been constructing a massive rectangle since September 2011 as shown below. My bias, posted January 11, was that Gold would move out of the top end of the rectangle, launched by the intermediate completion of a channel beginning in early October.The daily Gold chart now appears to be moving through the lower boundary of the channel, setting up a challenge of the lower boundary of the weekly chart rectangle. The Gold chart must hold the 1510 to 1520 area, otherwise the downside target becomes $1250.
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