Gold.ax, Gld and Slv

Gold (Gold.ax) is currently trading at 131.85.  The ascending triangle pattern that was forming has been broken.  Gold is now currently trading in a range between 130.60 and 135.90.  There has to be a catalyst for Gold to breakout to the upside.  Now is the perfect time to buy!  It's a real shame that Gold did not breakout to the update as it would've moved swiftly to my initial target of 145.00.  I'm sure Gold will get there, patience is the key.  On that basis, Gld (a proxy for Gold in US dollars) is currently topping out with MACD falling and has formed a small head and shoulders pattern, I expect Gld to hit 125 to 126 after which that would be a great entry point.  SLV (a proxy for Silver) also has a head and shoulders pattern with MACD falling and I expect SLV to be taken down to 20 before approaching its resuming its uptrend. The correction is here!

Gold update

Gold (Gold.ax) is currently 135.05, and has added 40 dollars since I last posted in September.  I still expect Gold to breakout anytime soon.  The breakout will be confirmed at 136.00 after which I expect Gold to move quickly to 145.00 based on the ascending triangle formed between 5th August till present 19th October and then to 1720 AUD.