By: Street Authority
Imagine a bullet fired at the sky.
It climbs higher and higher until gravity overcomes its upward momentum. The bullet begins to fall.
Now, imagine small wings on the bullet that flap while it is falling. The wings are just enough to create a series of slight upswings while on the downward trajectory.
Known as "bear flags," this wavelike cycle recurs until the momentum ends and the bullet drops to the ground. Bear flags are thought to signal additional downward moves to come.
This is exactly what has happened with the price of gold since it hit its high near $1,900 per ounce in August 2011. More recently, this action has been exaggerated, with gold trending downward since striking highs in the $1,800 range back in October. Continue reading "Will Gold Fall Further?"
MarketClub Smart Scan Alert for XAUUSDO Price Breakout Above
Gold Spot (FOREX_XAUUSDO) has broken above your preset level of 932.00 and is now trading at 940.22 +28.64 (+3.14%)
XAUUSDO Streaming Chart
XAUUSDO Chart Analysis Details
Gold Spot (FOREX_XAUUSDO)
Last 940.22 Net Change +28.64 (+3.14%) Score +100
Day High 946.60
Day Low 910.30
Prev Close 911.58
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