Gold In Multiyear Consolidation

Last six months were mostly in red for the precious metal. Current downtrend, however, is part of the broader consolidation started September 2011 as a triangle consolidation and slowly moving into parallel one, as seen on the chart. After formed two tops and two bottoms since Oct 2012 gold is moving like snake in a tunnel on its way down to the strong resistance: $1560. Only successful breakout above 200 day moving average ($1668) could bring some relief.

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