On Monday, gold price broke above a confluence of resistance lines running down from February and over from March, a pair of lines that made up a descending wedge pattern that has been negated. The breakout was convincing and so thus far holding up with relatively well. The breakout and subsequent price action is setting gold up for another possible leg higher towards resistance around the 1308/1310-mark. There is, however, a wedge developing which could either turn out to propel gold higher or mark the end of the up-move and set into motion a decline. If the rising wedge is to come to fruition it is preferred that ... (full story)