Negative Divergences in Gold

Here ya go, Cuadra G. They're slight, but they're valid, I'm pretty sure. Gold has been charging ahead. With the latest breakout $1000 is in reach by the measured move. Being a pretty large psychological barrier, I wouldn't be one bit surprised if it hits $1000 and then has a $50-100 correction. You can see how in the Weekly RSI it barely dipped back into the regular range before the next breakout sending it back into overbought. I expect it's not done yet, but it's good to be aware of at the same time.

I took some time to look for an article Chris wrote once. I thought it was in the Start Here section of CRISS, but I didn't find it. In it, he was commenting on how a recently run through correction had brought the indicators close to oversold which was good, but the Weekly RSI only got to the 50-line and I forget what the MACD was doing. Anyways, the dailies looked good, but the weeklies were cause for concern, that's why I found the weekly gold so interesting.

Gold's breakout

Well, it's finally happened. Gold has broken its numerical historical high of $850/oz. Teeka wrote an article about it for the Tycoon Report called 'It's time to buy gold' that they just reused because its a good time to stress its points again. Be sure to check it out. Anyways, by the chart below you can see the symmetrical triangles I drew. The first taking six months and the latest taking only a few which broke its trendline resistance last week and now has broken it's price level resistance. By this pattern you can create a price target of about $940. I'm not investing in the metal, but I do have some positions in near-production, early production mining companies. They're just starting to create their revenues right now which should be reflected on their earnings reports throughout this year and onward. Just wanted to point the opportunity out.

Fan line top/bottom points

Should fans only be drawn along lower lows (in the case of a reversal from an uptrend) or higher highs (in a reversal from a downtrend)? In a case like this, if Gold bottomed out right where it closed yesterday in the chart, would I still draw a fan line or only if it had a lower low? Eventually, whether it turns down or trades flat, it will cross a third trend line, so how would I determine that. Trading flat is obvious enough when it happens, but I'm just wondering about this specific sort of instance. It looks to me like a symmetrical triangle formation right now and could break out either way in the next month or two. Please post thoughts on CRISS forums. I don't want to take away from anyone's learning by creating an offsite comment post unless you copy it and post twice. I just like being able to post the pictures for reference. Thanks.