If Gold can breakout of this wedge it stands a chance of moving significantly higher. Watch the rising trendline on the RSI for clues. A breakdown will most likely send it down to the lower trendline. I have a feeling that gold can rise in tandem with the markets.
When the dollar has risen lately, the market tanks. If this chart breaks down it should be bullish for the overall markets.
It’s doubtful the market is gong to turnaround until the financials put in some type of short term bottom. I see some promising signs, but it has to happen pronto. It could easily fall into the abyss at this point if it doesn’t find support here.
