Gold, long-term ABCD pattern analysis

COMEX:GC1!   Gold Futures
Maybe gold's price is making a long-term ABCD pattern . The B-C leg bounced around the 0.5 fibonacci level and now the price is creating higher lows with high bullish volume . If the it continues increasing, the minimum target is around 1920 (the previous high). Pattern's target is around 2700. Always pay attention to the bigger picture when investing or trading.

The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
If current monthly candle closes above 1339 I will join you. In the meantime however, holding shorts for final dip into Fall 2017 ain't such a bad idea ;) Agreed on bullish target however! Very good.
CrypTedor eskgroup
Hi @eskgroup, from a mid-term point of view, the price seems ready for a retracement. It was overextended and it bounced on the resistance level created more than a year ago, volume is becoming bearish. The price has also completed a mid-term ABCD pattern. I think it's gonna retest the previous broken resistance.
+1 Reply
eskgroup CrypTedor
@TechnicalPatterns, very good! Agreed.
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