I'll remain neutral until I see an actual breakout. It may be worth noting that while this is the third visit to the upper extreams of this range each visit has been basically just spikes up. The dollar has spent considerable more time at the bottom of this range.
Maybe this time it will spike high and long enough for gold to get down to $1000ish levels again and for the equity markets to finally roll over. These equities seem to not want to die these days but nothing lasts for ever now does it.
same monthly chart again. Note the level red lines and red arrows. Each red arrow points to the origin of a significant move down. Each level line begins either at the high or the open of that candle. Looking right of each level line price is never able to rise above the origin of the previous significant decline. I think this is important. I think it is also important to note that price always returned to the area of the significant drop as well.
Could it be different this time? I suppose it could but why wood it i would have to ask. Time will tell for sure, it always does. There is a saying like what goes up must come down etc and that is logically true. It is worth noting none in their right mind ever made an argument that what goes down must come up. I Remember in the US as a young driver gas was about a buck a gallon. Well, in my mind a gallon is still a gallon but a buck aint a buck any more and never will be if this chart continues its current pattern. Gas in the us has been banging in the $4 neighborhood for years. The way i see it that makes makes the buck worth about a quarter.
Price recently broke out of an old range. I wouldn't make a whole lot out of it though. Just figure out how to make money off of it. The chart indicates it is a safe bet that it very well may go a little higher but odds are that it will once again soon likely make a significant reversal.
The one difference on this entire chart is the 2year plus range? What is that all about i wonder?
if i did this properly you should see a duplicate of the monthly chart above. I cant seem to get anything to happen when i press the button to add candles. What i want to point out is what looks like a breakout. I wouldn't make a whole lot of it though. Ill try and make my case here in additional comments and other charts.