The price of Gold has been consolidating for several months. And just when you think it’s going to breakout, sellers show up.
But Gold hasn’t seen enough selling to really move price substantially lower. This has lead to a narrowing pattern that should resolve soon.
This shows up on today’s chart 3-pack. And it’s not only Gold that has been experiencing some narrowing. Two of Gold’s most important intramarket indicators – the US Dollar and Euro currencies – have also been narrowing for years and years.
But all good things have to come to an end.
Is this where they end as US Dollar is facing resistance and the Euro facing support? And Gold is right there too. Or will we get a few more months before a decision is made.
When these patterns do come to an end, I’d like to ride that horse in the right direction, as it should be a wild one!!!