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September 2, 2009 / Jeb

Major Breakout in Gold From Symmetrical Triangle, Precious Metal Investments Very Bullish

Please see my previous post “Gold Coiling” in which I recommended readers to accumulate gold as it touched the rising trendline.  Today was the major breakout I was waiting for and the battle between supply and demand has resolved itself.  Now it is clear buyers are in charge and now I am expecting a move to $1100 in gold.

Take a look at the chart.

GLD

This is a textbook picture of a perfect symmetrical triangle breakout.  Look at how the volume dries up as the battle between buyers and sellers in the triangle reaches its apex.  Then today the high volume breakout confirms the continuation pattern.  I expect a major move within the next several weeks in gold to $1100.

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One Comment

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  1. Tuni / Sep 9 2009 8:19 am

    Great call- I was on GSS, NGD, UXG, and GG. Got in 2 days prior to break out. It was beautiful!

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