Above is a 3-day chart of gold and I thought it might be appropriate to post this chart, due to the fact that the FED's decision on rates occurs at 2:15 EST.
You'll notice that this market has been coiling since 5/2102 and at the current time I am flat this market... waiting on the resolution of the pattern that began on 9/2011.
If my interpretation proves correct, this market should thrust out of the triangle in an impulsive manner. I'm personally giving this triangular pattern some room as I do not know if w.c is complete. Prints above 1642.4 negate and I'm wrong!
There are plenty of juicy stops to be hunted at just below the market shown here at the monthly chart level. As always, maximum pain is the punishment for those who are uninformed. Larger participants won't be shy about lighting the fuse and extend the market downward.
Ultimately, I believe that longer term, gold remains in it's bull market. What we are witnessing is the beginning of a multiple month corrective phase.
Best of Trading
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