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TFC Commodity Trading Forum

Gold/ Nice Channel Pattern *PIC*

Gold broke a 3 year uptrendline in May and since then has been chopping sideways whiplashing trades both ways. After two months of this price action a pattern has formed a nice $100 channel to watch or even trade. Top of the channel is 1640 and bottom of the channel is 1537. A break of either will determine the next 'significant' direction. Seasonal trends in all time frames show between July/Aug a low tends to be set with a strong rally into September. I suspect this channel will not breakdown but it doesn't matter a damn what I suspect. Buy support and sell resistance will work just fine with a channel. 'Pay shunts' (a medical term) is needed here.