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This chart shows a powerful move in gold.
first we had a false breakdown in february, which in hindsight will promise some real action ahead.
On may 19 we had the *real* break out. It was not only a breakout of the falling trendchannel, but also a break loose of the important bottom from aug 25 1999 in the june 2001 contract.
Watch how the this price was tested first at "A".
After the last break free (up) on above average volume, from the line in May a small bullflagg was formed. We then tested the upper trend line of the falling trend channel, and at the same time the Aug99 bottom. The day low was 1 tick above the 99 bottom price and the day ended in a bullish hammer
With the yesterday "break-away" gap and a close above the all important fib 78,6% retracement level the struggle should be over and we should see a bullmarket in full swing.
Stig
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