Friday, August 10, 2012

Gold ping-pong

Gold Futures (Dec) 30min
Gold futures have been rejected at 1620 by the bears all week. Its been caught in a ping pong battle between 1620 and the top of that daily triangle pattern (red line). I'm still waiting to see a few closes above 1620 before getting bullish on it again... and it looks like it could take awhile.