Gold - Important Breakthrough Is About To Happen

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Gold has had rough three years, losing over a third of its value and it has had a great 15-years, up 4x over its 2001 lows at $250 per ounce. Many continue to debate if Gold is in bull or bear market. Personally I am not big on labels, I care much more for being on the right side of a price trend.

The above chart reflects that gold looks to be in pennant pattern (Lower highs & Higher lows) that is about to end pretty soon.

According to Forxetribe here are some statistics about the pennant pattern:

– In 75% of cases, the exit is made in the side of the previous trend
– In 90% of cases, this is a continuation pattern
– In 55% of cases, the target of the pattern is reached
– In 16% of cases, a pullback occur

So in 75% of the cases, the exit is made in the side of the previous trend.  In your opinion, is the previous trend up or down? This question most likely could stir a heated debate on which trend Gold is in.