Last Friday Gold dropped 20 points in the early morning, but quickly moved back up for a small loss at closing. It indicates the bulls are unwilling to give up.
The Gold ETF (GLD) is forming an ascending triangle pattern (see chart). The gold price could continue moving inside this triangle pattern for one more week.
A breakout of the 141.50 line will be bullish and could lead the price up to 144 area. The key 136.36-135.50 range needs to hold up for an upside move. If the price moves under this range the odds will favor selling to push price down toward 134-132 range.
To see more of Nat’s market analysis and the results of her previous trades, visit http://naturus.com
GLD Daily chart
