EUR Drops to 10 Month Low over Trichet’s Criticism of IMF Involvement

Gold:

After a previous head and shoulders pattern failed to capitalize, a descending triangle pattern has formed on the daily chart for spot gold. The lower line of the triangle begins at the reaction low of the previous bullish trend on February 24th. The downward sloping hypotenuse of the triangle begins at the swing high of daily chart at a price of $1224.70, extending lower to form the vertex of the triangle. Forex and commodity traders may want to go long with a price target at the descending hypotenuse line above the price action.