Multi-year flag pattern in Gold about to be resolved?

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A multi-year flag pattern is taking shape in Gold, with the bottom of the flag being a 7-year support line. Can you see two images in the picture in the upper left corner in the chart above? Their are two ways to look at a flag/pennant pattern.

One thing for sure.....Long Gold owners want and need this support line to hold! 

The post below, discussing mining stocks, reflects the same message....both Gold and the Miners (see Gold Miners support here) need to hold now!

 

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2 Comments

  1. Chris:

    Nice to see that this afternoon The Daily Crux picked up the Gold chart you sent out this morning. Congratulations!

    BTW – Great pic. of the “Skeptical Husky” in your last gold blurb. LOL — even my Dachshund Woofgang loved it.

    Best regards, Tony J.

  2. Or it could break the trendline like it did in 2008 and set up a major buying opportunity. Or it could trade in a sideways consolidation trading range and break the trendline that way before breaking to the upside. Its not so simplistic. Money is being printed everywhere and the soverigns can supress paper gold easily now but eventually the truth will set you free. Really do you want to hold euros or dollars for you safe money? 10 years from now what do think those are going to be worth ?