GOLD (Au) PRODUCERS

[NYBob]

This is what may well be happening with both gold and silver
right now.
Currently gold is trading between the 2nd and 3rd fanlines of
the pattern that portends an eventual upside breakout.
Although the fanlines and falling 50-day moving average are
clearly shepherding the price lower, the strong underlying
support and rising 200 and 300-day moving averages not far
beneath are expected to result in the long-term uptrend
reasserting itself in due course, leading to an upside breakout
and a major new uptrend.
We had earlier classified the reaction from March as a bullish
Falling Wedge, and this interpretation remains valid as the
Wedge exists simultaneously with the Fan Correction, the price
having broken out upside from the Wedge in the middle of May,
and then reacted back close to the top line of the Wedge, which
happens to be the 2nd fanline at the same time.





http://www.marketoracle.co.uk/Article5167.html

God Bless