fmx | metals | connect - December Gold Technical Snapshot: Bearish Ascending Wedge

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December Gold Technical Snapshot: Bearish Ascending Wedge

October 13 2011, 11:52

FMX | Connect (Reported 10/13/2011)

The following is a report of Gold Option’s activity in the Over-The- Counter and Exchange traded venues. Information is compiled and summarized below.

Summary

The December Gold daily candlestick chart shows that an ascending wedge is forming. This is a bearish continuation pattern and could send gold to rapidly retest the September 26th low of 1535 and the crucial 200-day moving average. As we have noted previously, a rally on low volumes and declining open interest should be treated as weak. This rally is likely to culminate in a strong sell-off sometime in the next 10 trading days.

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