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Precious Metals: Tight Action Leads to Big Moves

Gold (GLD) was flat this past week, rising only 0.02%.

There is nothing to say here other than we are getting very tight in this triangle, and while it should break out higher, there is no certainty of that.

A break above $1,304 would be great and is the buy area, while a break below $1,285 would not be so good.

The two positive takeaways from gold this past week are the tightening action in this pattern and the fact that gold was hit hard Wednesday and almost broke below this triangle, but buyers stepped up and pushed gold back higher.

Let's see how it goes but we should resolve this pattern this coming week.


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