In the previous post I had written: "A wedge almost always means an impending change in prices. Prices can move above or below the wedge. In this case, we can anticipate a movement up." Indeed, we did get the breakout and immediately.
Gold actually finished at 1,290 Friday. The next obvious step is to test a number below as well as 1,300. I am not hedging. Some folks will try to move gold back below the wedge, so they might have some success. However, the next move is to try to break through 1,300. And it may not happen right away, but it will happen. When? I do not know, but quoting Yogi Berra 'it's hard to predict things, especially the future.'
Along with the rise in gold prices, we see a drop in the value of the US Dollar.
The Dollar is oversold so we might get a rally to 95 and change. Or not.
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