Gold: A Breakout Ahead?
Justin Smyth | Aug 05, 2014 07:29AM ET
Gold has been in a Stage 1 base all year, and really has gone sideways since mid-2013. The stronger gold stocks have been anticipating a gold breakout, but it hasn't quite come yet. Gold is forming a tight symmetric triangle, but there's been no massive increase in volume which accompanies a Stage 2 breakout. Also gold needs to outperform the S&P 500 on a Stage 2 breakout and the volatility should start to expand in the as shown in the ATR. Overall it's just a waiting game for gold here.
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