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Gold’s Conflicting Signals: Bullish Breakout but Weak Follow Through
video Although gold is triggering bullish signals, the advance is suspect. A bullish breakout of a pennant consolidation pattern (purple lines) and last week’s high occurred Tuesday. But the close was weak, in the lower third of the day’s range, although it was above the top boundary line of the pattern. Support was tested successfully at the 50-Day MA (orange) and 20-Day (purple) yesterday and then again today. Wednesday’s advance created the fourth day in a row of higher daily highs and higher daily lows, which shows price improvement. However, it is on track to end Wednesday’s session weak at the time of ... (full story)