Simit Patel

One of the biggest stories in the market's today has been the big breakout in the price of gold, which is up over $22 USD -- an increase of over 2%. But is this the real breakout? Not so fast. The chart below, courtesy of Ektrader, shows that the long-term ascending triangle on gold has not yet been broken; resistance is at approximately $980, so we're basically testing it now. It will be interesting to see if the market sustains a breakout here, or if it will fall back down.


Two links of interest from the InformedTrades blogosphere: Ektrader's analysis of gold, and Freiheit's look at gold.

Now also seems like a good time to re-post the InformedTrades Community Analysis of Gold. Check the video below.


Silver is also up $0.41 today, currently at $15.43.

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