Yep, that has been an abrupt fall out of the triangle - instead of a breakout to the top!
Nevertheless - the price isn´t far away from the next supportline - the lower limit of the ascending triangle. And this should be a very strong support! Even if Gold would break the line the next support is following shortly behind: a swing trend line at 1.215$.
Watching the history of the past months this had been a level where Gold turned up.
So I expect Gold to turn within the yellow circle. And then heading to fib retracement 0.50 at 1.298$. Whe Gold wil haven broken this resistance the next aim could be 1.340$ - the upper limit of the triangle.
Meanwhile we´re approaching the peak of the triangle!
RSI and MACD are clearly in negative water. In december 2016 this had been the level where Gold turned (RSI).
Good time to accumulate some ounces.
For info:
the sell-out was partly caused by the short sellers at comex (COT-report)
Nevertheless - the price isn´t far away from the next supportline - the lower limit of the ascending triangle. And this should be a very strong support! Even if Gold would break the line the next support is following shortly behind: a swing trend line at 1.215$.
Watching the history of the past months this had been a level where Gold turned up.
So I expect Gold to turn within the yellow circle. And then heading to fib retracement 0.50 at 1.298$. Whe Gold wil haven broken this resistance the next aim could be 1.340$ - the upper limit of the triangle.
Meanwhile we´re approaching the peak of the triangle!
RSI and MACD are clearly in negative water. In december 2016 this had been the level where Gold turned (RSI).
Good time to accumulate some ounces.
For info:
the sell-out was partly caused by the short sellers at comex (COT-report)