Gold Weekly Chart Sideways Symmetrical Triangle

The sideways symmetrical triangle (pink) simply extended itself to the black triangle. Price is making a decision now and falling under the 20 MA is not healthy. The move out of the triangle can be as much as 500 points, which is the distance of the vertical side of the triangle from 1500 to 2000. The price move can still go either way, if up it would target the inflation-adjusted highs at 2200-ish and higher, but the chart has many negative aspects adn is more favorable for bears.

The RSI, stochastics, histogram and even money flow all want to see a lower low in price than December 2011 (note the black circles). If the price moves lower, watch to see if it loses the 50 week MA at 1650, a target lower would be 1680-ish - 500 = 1180-ish, an area of critical support. Projection is a move towards 1200 as the weeks and months tick along. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.