I posted this a few days ago, but I think it's the most
important chart for gold. We will know soon if this will be a
successful backtest or if gold will fall back in the wedge. It's a
weekly chart so it's the weekly close that really matters. If it
falls back into the wedge, that would make me think it's more
likely we will then work our way down to test the lower
trendline.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
Gold rising wedge -- Backtest
Posted by puma on 4th of May 2011 at 12:21 pm
I posted this a few days ago, but I think it's the most important chart for gold. We will know soon if this will be a successful backtest or if gold will fall back in the wedge. It's a weekly chart so it's the weekly close that really matters. If it falls back into the wedge, that would make me think it's more likely we will then work our way down to test the lower trendline.