IN EARLY AFTERNOON TRADING, GOLD MOVES ABOVE THE YELLOW DOWNTREND CHANNEL TO LINE, THEN PULLS BACK TO IT

TOP  YELLOW LINE BECOMES SUPPORT AFTER BEING EXCEEDED. BLUE UPTREND LINE IS JUST BELOW IT FOR FURTHER SUPPORT THESE ARE SIMPLE TECHNICAL ANALYSIS PATTERNS TO CONSIDER. GOLD MAY NOT OBEY EITHER PATTERN IN ITS EVENTUAL MOVE MUCH HIGHER DUE TO MONETARY BASE INFLATION WHICH MATHEMATICALLY MAKES THE PRICE OF GOLD DENOMINATED IN DOLLARS INCREASE.