Gold Correction

Gold, on charts is making a symmetrical triangle pattern. The pattern suggest a big price movement in near future or a break out on either side. Gold has an equal probability of moving on the higher side as well as the lower prices Case for higher prices - The bull market in gold is still intact. Gold is still trading on the higher side of all its long term movie averages. All the dips in Gold were bought into , which does reminds us bull phase of gold markets. Crisis in Europe deepens and flight to quality ensures higher prices for gold. QE 3 arrives pushing USD to lower values, fueling gold rally. Case for lower Prices. Europe Crisis resolved would push gold prices down. Low growth and low inflation makes gold unattractive as inflation hedge