Gold broke out of its recent falling wedge pattern, which is the normal expectation for that pattern.
The weekly chart shows price sliding down the declining tops line. Nice that it is staying on top of the line, but it needs to reverse direction.
Despite the breakout, as of 4/22/2014 Gold is on a Trend Model SELL signal. The Long-term Trend Model is also on a SELL signal going back to 2/15/2013, so our long-term posture on gold remains bearish.
- Carl
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