Triangle Consolidation Pattern for Gold

Triangle Consolidation Pattern for Gold
By Mike Paulenoff,

If what I see on the enclosed chart looks like a triangle consolidation pattern -- and it certainly does look like one -- and if it acts like a high-level triangle, then the GLD should be within a few hours of a thrust to the upside that initiates a new upleg within the longer-term pattern off of the October 2006 low at 55.55. Should such a scenario unfold, the GLD will be heading for 85.00-86.00 next.

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