Gold (update)

It was a pretty interesting week for Gold.  After confirming a flag pattern last week, we had the makings of a potential upside breakout of 2 MM patterns.  There was also a potential sym triangle pattern forming.  Friday saw the 2 MM patterns activated, but we failed to confirm the sym triangle pattern.  Prices broke higher to only fall back and close inside the triangle.  This pattern is now void.  The flag and MM patterns are still active, however.  Gold is now facing a 4 point downward sloping trend line.  That needs to be taken out to gain any upside potential.  To the downside, there's possible support between 1250.60 and 1246.80.  That could be an area for a very low risk, high reward entry.  If prices trade below 1241.50, then the flag pattern fails along with one of the MM patterns.