How to Roll Tack the Gold Market to New Highs

Last week we outlined early on in the week, the growing triangle wedge in the gold market. Earlier in the week we posted a chart, that gold was testing the lower bounds of the wedge, shown here:

Now a roll tack maneuver is a sailing term where by you utilize weight shift in order to maximize the boats angle of entry into a turn. In simpler terms you distribute your weight quickly from one side to the other in order to efficiently maximize the angle of the turn. What transpired in the Gold market last week, was demonstrably a roll tack as the market initiated a potential test and break of the bottom of this well know triangle wedge, to only rip higher within 2 days, as shown here:

Now we warned that a break of the $1212 area would see some heavy action as trend followers and most definitely activate stops and momentum players and what did we see as demonstrated by this Tflow chart on CQG, was a very large chunky 500 lot buyer:

In conclusion and to answer a question we received as to why someone would buy Gold over Silver especially in a relative value sense, well we just simply posited this chart comparing the two:

To even drive home the relative value fact a bit further we present this chart of the two in a bit shorter of a time frame:

OK, that's it so good luck this week with trading and hopefully you've learned something from our little gold update, cheers!

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