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| English: Crystaline Gold (Photo credit: Wikipedia) |
In August 2011, gold broke out to new highs of over $1,900 per ounce. What a ride from November 2008 when gold rose from above $700 to August 2011 with gold at $1,900. Gold remained in an unbroken channel moving ever higher, until near the end of its run, it burst out with a fresh jolt of energy and broke out above its channel to exhaust itself by reaching its high above $1,900.
Since August 2011 for a full year, gold meandered downward, essentially staying within the band of $1,500 to $1,650. As it fell, the lows got lower and the highs of each re-bounce got lower. Whether the news was positive or negative, whether currency was being printed in greater or lesser amounts, gold remained within this downward channel.
Now Gold Appears to be Breaking Out
If you charted the path of gold, its price stayed very strictly within the lower and upper band lines of this gradual weakening. That is, until the end of August 2012, almost one full year after gold started meandering downward. The chart of gold suddenly is showing very strong bullish signals.
Firstly, in mid August 2012, gold broke through the top line of the channel in which it has been imprisoned for a year, and it moved almost $150 within two weeks in a very strong upward path. That is considered a breakout. It remains pointed upward on the charts. ... Continue to read.If you charted the path of gold, its price stayed very strictly within the lower and upper band lines of this gradual weakening. That is, until the end of August 2012, almost one full year after gold started meandering downward. The chart of gold suddenly is showing very strong bullish signals.
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