GOLD Weekly Chart Descending Triangle Sideways Symmetrical Triangle

We have been watching the pink sideways triangle and noted the breakdown a couple weeks ago.  Price broke out to the upside in February but this was the typical fakeout move you tend to see two-thirds of the way thru this pattern. Price then returned into the triangle and then failed out the bottom.  The blue descending triangle is now in play with price teasing along the base.  One more move to the top rail of that blue triangle to 1620-1670 has potential but overall the two patterns are very bearish moving forward. Both patterns target the 1170-1250 area as the weeks and months tick by.  Gold should pop strongly whenever Chairman Bernanke announces QE3. Perhaps that may occur after the price collapse under 1550 stays in place, between the 1200 and 1500 area. The indicators are all weak and bleak making lows as price makes lows although the MACD histogram is postiviely diverged. The histo may provide the oomph to bring price back up for a final kiss of the blue top rail. 1475 and 1425 are key areas of support below.  This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.