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« Agnico-Eagle Mines Limited Record Everything: quarterly, annual revenue, gold production, gold reserves, resources et al. | Main | Colombia Is Open for Business »
Wednesday
Feb172010

Gold Breaks Up Out Of Declining Wedge Formation

Gold Breaks Up Out Of Decling Wedge Formation

As we mentioned last week, gold had formed a bullish declining wedge formation, and we anticipated a break up and out, rather than downwards.

Well as the above chart shows, gold broke up out of this wedge formation in recent trading. We view this as a very positive move for gold, and expect the yellow metal to rally sharply from here.

One can also see that the MACD indicator has given a positive, bullish crossover, adding more weight to the technical argument that gold is about to embark on a rally.

Therefore hold on to your gold and gold stock positions as the next couple of months should see them soar.


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