Another quiet day of trading due to Hurricane/Superstorm Sandy saw gold move in a narrowing range around 1710, forming a triangle which is fast approaching the apex.
This morning, gold appears to be breaking out of the triangle to the upside, as we expected, with resistance above at 1718, 1730 and 1755.
We should see a bit more life come back into the markets today, as New York slowly gets back to business, though it will be at least a week before we see "business as usual".
We are entering an historically bullish time of year for gold, we expect to see higher prices into the end of the year.
Today's video looks at the trading of the past couple of days in more detail.
This morning, gold appears to be breaking out of the triangle to the upside, as we expected, with resistance above at 1718, 1730 and 1755.
We should see a bit more life come back into the markets today, as New York slowly gets back to business, though it will be at least a week before we see "business as usual".
We are entering an historically bullish time of year for gold, we expect to see higher prices into the end of the year.
Today's video looks at the trading of the past couple of days in more detail.