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Gold zig-zag trading pattern UPDATED

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Published : January 06th, 2017
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Category : GoldWire

With the New Year upside in gold looking pretty solid, we hearken back to a post made here December 10 featuring the following chart (with comments):

24hGold - Gold zig-zag trading...Click to enlarge

Here is what that chart looks like now with the December low in place at $1121/oz and the January turnaround – kicked off, I would guess, by aggressive short-covering, but likely now also driven by currency and longer-term inflation concerns. . . . .With gold currently trading in the vicinity of $1183, it is already up 5.5% from the December low.

We caution that just because gold has displayed a pattern in the past, it does not mean that same pattern or tendency will repeat itself in the future, so exercise due caution with this information.

Source : www.usagold.com
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Michael J. Kosares is the founder of USAGOLD-Centennial Precious Metals, Inc., the author of "The ABCs of Gold Investing: How to Protect and Build Your Wealth with Gold", and numerous magazine and internet articles and essays. He is also writes a popular weekly Client Letter on the gold market. Mr. Kosares is frequently interviewed in the financial press and is well-known for his on-going commentary on the gold market and its economic, political and financial underpinnings. He has over 30 years experience in the gold business. USAGOLD-Centennial Precious Metals is one of the oldest and most prestigious gold firms serving private investors in the United States, Europe, Canada and Australia.
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