Loading ...Gold nudging at top of pennant resistance – chart.
Right now, gold is bumping its nose against resistance at the top of the pennant that we have all seen by now.
Here is a chart from www.kitco.com with the action marked:
This chart pattern and what happens to it will probably go into technical analysis textbooks in the future.
Today’s price (green line) is just where it was on Sunday night (blue line). With respect to the falling upper line of the pennant, it is therefore relatively higher than on Sunday night.
However, there is not much time until the NY close so the window is closing on a breakout.
The Japanese Yen was up in early morning trading but making lower highs during the day as for gold.
Gold is now pushing, pushing, pushing against that pennant resistance. NY close was not above the line but in the aftermarket it is up a few dollars.