Quiet markets bear watching.
Gold is suddenly out of the headlines just a week after a much-ballyhooed break of the 55-day moving average. The bullish break promised more volatility but instead gold has flatlined in a $30 range for the five sessions. Today, gold is down $2 to $1331.
Consolidations tend to continue in the direction of the previous move and that points to more gains for gold. A more conservative approach would be to wait for a breakout but it’s a challenge to draw a line in the sand. There is a rough wedge pattern on gold chart but a more conservative strategy would be to go with a break of $1350 or $1309.
Gold daily with 55dma
