Gold, despite the recent stock market pullback and international tensions, has not risen in price as many of the Gold Hustlers promised it would.
What the Gold Hustlers fail to tell their potential marks is that everything is cyclical, including the price of gold.
Leaving cycles aside for the moment, gold still remains in a declining price pattern. A look at the above chart shows two Andrews' Pitchforks - one ascending, the other descending.
Either, currently, is a valid possibility. However, for the ascending price pitchfork to remain in play requires that price move above the green trigger line and remain there. More importantly, the gold price needs to break above the orange line which is based on a -26 degree angle from the May 2015 pivot high of $1,232.00.
Angles serve as proxies for geometric growth and decline patterns seen in prices and nature. Try using angles on your own price charts, for precious metals you might experiment with 7, 13, 26, -7, -13, and -26 degree angles. These angles also serve as unbiased lines drawn on price charts. You don't have to think about where to place these lines on the charts. Just use them with important pivot high and low prices and you shouldn't go wrong.
The $1,138.00 level is the next important yearly price pivot that Gold needs to overcome presently in order to move higher to $1,232.00 or above. Until the green trigger line, the orange line and / or the $1,138.00 level is overcome, don't expect much upside for gold.
Chart Analysis uses a combination of technical analysis and cycles to provide insight into the future direction of precious metals, currencies, stock indices and more.