Gold Seems to be forming a descending triangle. Cautiously Long
Gold appears to be forming a descending triangle pattern as we look past end of September to mid-October. I'm a gold bull but this pattern has me cautious and so I am approaching the metal with 3 things in mind:
1. I will take a daily close below $1840 as a bearish sign with a downward target of $1767
2. A weekly close above $1860 towards US Election day would support the return of bullish sentiment
3. $2300 target before year-end
1. I will take a daily close below $1840 as a bearish sign with a downward target of $1767
2. A weekly close above $1860 towards US Election day would support the return of bullish sentiment
3. $2300 target before year-end