littleriver
Long

Golden Wave

COMEX:GC1!   GOLD FUTURES
59 0 0
For nearly two years, gold             has been accumulating in the channel between the white lines. Looking even further back, gold             has been in a declining wedge for nearly four years. Within this wedge, there appears to be a discernible pattern. I have highlighted it in white. This pattern appears to be repeating only in a much smaller scale. It too is highlighted in white. This pattern or cycle culminates with a double bottom followed by a bullish run. Looking at this weekly chart, there is a good case for a potential double bottom. Also, Williams %R indicates gold             is deeply oversold. I am looking for gold             to make it's way north near the top of the channel in the coming weeks to a price between 1300 - 1350 confirming this double bottom.
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