Sunday, June 26, 2016

Gold: Emerging Expanding Triangle

The chart above was the chart of Gold long before the ''BREXIT'' spikes where I saw a good bullish bias if price dipped to the base of the expanding triangle.

Price, if moved as expected, was expected to continue upside to 1495-1500 or above depending on how deep the correction would be.

The expected expanding triangle is shown in the chart below

The expanding triangle was expected to complete around 1197-98 after which the long term bullish move would continue if price is held by the level and shows good early signs of rallying.

Price was half-way to the expected level until interrupted by the "BREXIT' results and spiked upside.

If price moves down to the expected level ( 1197-98 or slightly below) ,we could still take this as a viable expanding triangle pattern especially if price is held there and is pushed upside.

If price otherwise spikes higher , the triangle will be violated and we'll have to see price position in another picture.

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