GOLD: Price is being Squashed And Bears May Take Control

Gold past week has found itself in a wedge pattern awaiting a breakout in either direction now breached below. We have still failed to see the chart print a new higher high indicating the Bulls may be running out of steam. As you can see from the chart it is possible to trade the market during these periods of indecision in either direction. The price has breaked below and closed below the triangle, however, the next big move for Gold.

Downside potential, in my opinion, could be a relatively big dip down to 1267.00 as we mentioned.

My advice for trading Gold going into next week is to sit on your hands, retest and continuation away from the triangle before taking that entry!