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.
About the author:
is a veteran technical analyst who has been actively engaged in market analysis since 1981. A pioneer in the creation of online technical resources, he was president and founder of DecisionPoint.com, one of the premier market timing and technical analysis websites on the web. DecisionPoint specializes in stock market indicators and charting. Since DecisionPoint merged with StockCharts.com in 2013, Carl has served a consulting technical analyst and blog contributor.