Gold popped to $1304 at the start of US trading in a quick move but it was a one-off trade and gold prices have been on the defensive ever since. India began to relax gold import tariffs today and that helped provide an earlier spark along with geopolitical worries (Ukraine, Thailand, Libya) but broad US dollar strength now weighing.

Is there a simpler technical chart than this right now?

Gold daily wedge May 22

Gold daily

It will probably break in the week ahead and when it does, let’s hope it continues like the EUR/JPY wedge we tracked for a few weeks before it busted. They were similar but the EUR/JPY chart persisted for much longer. (4 months vs 4 weeks).

EURJPY daily

EUR/JPY daily