Is Gold Ready to Move?

07/21/2009 9:27 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart
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Gold has rallied nicely over the past six days and the daily chart shows a triangle formation that has been forming since early this year. The OBVs on both the August and continuous contracts have already broken out to the upside. A daily close above 992 (August) will confirm. Triangle and Fib targets at 1130-1150. For more detailed Fibonacci analysis on gold, click here to read a recent Trading Lessons article.

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