By: Shoaib-ur-Rehman Siddiqui | Monday, 07 October 2013
SINGAPORE: Spot gold is due for a sharp move, as its consolidation in a narrow range of $1,301.81-$1,323.21 could be ending.
The consolidation seems to be taking the shape of a triangle, the two trendlines of which are converging to a point. The pattern will be confirmed bullish should gold climb above $1,323.21, with an immediate target at $1,346.61.
A drop below $1,301.81 will confirm a small double-top that formed between Oct. 2 and Oct. 4, and a bearish target at $1,278 will be established.
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