| Comex December gold futures are pressing lower in early New York trading action Monday. The failure to punch above Friday's high begs the question—are the recent gains a bull trap?
Short-term traders may want to use caution near term as this question is resolved. Action since late May on the daily chart has unfolded in a classic "triangle" pattern, seen on Figure 1 below. A triangle is comprised of four points, which have developed, seen at 1, 2, 3 and 4 on the chart. When a market is in a downtrend (which it was) point 1 is at the bottom of the triangle. The four points allow traders to draw an upper and lower trendline...............................................Full Article: Source
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