IAU, M, Symmetrical Triangle
Dear Traders,
As this iShare Gold Trust (IAU) mimics the actual Gold Futures price identically, i thought i see sometime in this monthly chart. IAU is right in the downtrend channel and consolidating in a symmetrical triangle fashion. Very soon, a breakout either on the upside or downside is going to happen.
I am more bearish as according to textbook technical analysis (though not necessary it must happen), consolidation in a downtrend signifies more downside to come.
Although monthly MACD shows the onset of a golden cross, i would still maintain my bearish sentiment for mid-term as the price is still under 200EMA
As this iShare Gold Trust (IAU) mimics the actual Gold Futures price identically, i thought i see sometime in this monthly chart. IAU is right in the downtrend channel and consolidating in a symmetrical triangle fashion. Very soon, a breakout either on the upside or downside is going to happen.
I am more bearish as according to textbook technical analysis (though not necessary it must happen), consolidation in a downtrend signifies more downside to come.
Although monthly MACD shows the onset of a golden cross, i would still maintain my bearish sentiment for mid-term as the price is still under 200EMA