Following up my outlook on silver
, this furthers my bullish silver
bias. The last monthly close has wicked massively from the topside. Either this is a channel that has broke above and bull trapped or (depending on where you draw your trend lines
) it could be a broadening wedge
. Either way I would see this as bearish
for the gold
At the very least I surmise that this would have to touch/test/SMASH/DEMOLISH the bottom trend line
To summarise. If this was a price chart for an asset; I would certainly be weary of longing it right now!