Gold Tightening In Wedge: Big Move On Horizon

Even as the stock market is at all-time highs, gold hovers just 4.33% from its all-time high. Historically, this is very rare and shows the angst investors and global central banks have for the fiat money system.

The technical chart on gold is showing consolidation within a tightening wedge. This means that price is building pressure for a big move. The big question is, will it be a monster move past the all-time high of $3,500 or a move down to $3,050.

The tell is going to be which way the wedge breaks. Any break above $3,420, and $3,500, maybe even $4,000 will be the next stop. Any break below $3,330 and price will quickly collapse to $3,050.

As of now, the bias is neutral as all eyes monitor the wedge pattern.