Gold Chart Pennant Formation

Discussion in 'Technical Analysis' started by Rickshaw Man, Jan 25, 2013.

  1. Nice formation
  2. Looks like a setup for a cool uptrend. It would make sense since gold has been dropping. Eventually people are gonna buy the dips.
  3. clacy


    Gold has been in a holding pattern for 18 months now. It's setting up for a big move one way or the other, IMO. I'm guessing it heads north, as central banks have signaled they are printing to solve the world's debt crisis.
  4. ==============
    Probably going north, since thats what most of the trends are-UP;
    not a prediction:cool: 10 year, 1 year candlecharts are uptrending also.
  5. LOL!..nice setup my boloxinger bands..weekly timeframe...why don`t search thru the yearly,to find a setup for you?
  6. price the straddle relative to what you consider to be the magnitude of the break out... i think asym triangles are very good indicators of impending breakouts.. thats from reading and experience..
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    look at how low the IV is right now.. seems like its cheap to make a bet both ways..
    feb 160 straddle on GLD is 3.77
    march 160 straddle on GLD is 5.9
    april 160 straddle on GLD is 8.05
    may 160 straddle on GLD is 9.55