The gold price needs to bust through the $1,682 resistence to confirm next rally.
I can't understand how he sees a resistance at that point. He also says:
The GOLD PRICE showed the sort of action I deeply love. It opened flat, got pounded on the US open, straight down, then fast and steady rose right out of that hole to close nearly unchanged. Well, closed at $1,663.40, down sixty cents. Why do I like that action? $1,645 support, then returned to challenge $1,665 resistance. This maintains the uptrend and thumbs its nose at sellers.
On that gold chart with the falling wedge, gold did no more today than fall back for a final kiss good-bye to the upper boundary. If the GOLD PRICE can resist falling below $1,645, then it has broken out of that falling wedge and begun its next rally. Caution: there's likely to be a lot of very slowly rising mostly sideways action for a while. Remember that in the next week or so gold needs to burst through $1,682 resistance.
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