In volatile intraday trading yesterday, gold finished the day around unchanged at 1675, after surging as high as 1686 on two separate occasions and falling to 1666, to score a doji candlestick on the daily chart.
This is typical price behaviour in a triangle consolidation, with both bulls and bears battling for supremacy, becoming frustrated and whipped out of their positions. However, the triangle is coming towards its apex and the next trending move will begin on a break of the triangle (the upper and lower boundaries are currently at 1690 and 1664 respectively).
Whilst rumours persist online of supply concerns in silver and manipulation on a grand scale in gold, we continue to trade successfully on what the charts tell us - our method combining Fibonacci retracements, candlestick analysis and Elliott Wave theory does not rely on news, events or online speculation, we consider all of the relevant information that affects the price of gold to be distilled into the chart.
Today's video looks at the triangle pattern in more detail and yesterday's wild intraday trading in gold.
This is typical price behaviour in a triangle consolidation, with both bulls and bears battling for supremacy, becoming frustrated and whipped out of their positions. However, the triangle is coming towards its apex and the next trending move will begin on a break of the triangle (the upper and lower boundaries are currently at 1690 and 1664 respectively).
Whilst rumours persist online of supply concerns in silver and manipulation on a grand scale in gold, we continue to trade successfully on what the charts tell us - our method combining Fibonacci retracements, candlestick analysis and Elliott Wave theory does not rely on news, events or online speculation, we consider all of the relevant information that affects the price of gold to be distilled into the chart.
Today's video looks at the triangle pattern in more detail and yesterday's wild intraday trading in gold.