Gold shhh...

The Market Ear Picture

Gold's huge break out

Gold broke out of the huge triangle like formation that has been in the making for a long time. Time for a technical thread. The first obvious observation is that the shiny metal is well above the negative trend line and that the 200 day moving average is not sloping downwards anymore. The short term move has of course been powerful and gold is now somewhat overbought, but the price action in the recent squeeze is nevertheless interesting. First support we have down at the 1830 level.