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marketscripters
Oct 1, 2020 3:39 AM

Small gold breakout incoming? 

TVC:GOLD30
GOLD (US$/OZ)TVC

Description

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Gold price action is starting to converge into a wedge/triangle (Wedges script). I'd be looking for a breakout to either the upside or the downside.

Previous sell signals (D+ script) have faded...turning into a plateau instead of a drop. (This happens often.)

No strong buy signal either, so we'll have to look for confirmation with another tool.

Comment

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✅ 1%+ after the post!
with a retest of the same level for another similar gain
now on to a second retest...watching
Support and ResistanceOscillatorsWedgeGoldwedgebreakout
Comments
marketscripters
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That white doji candle retesting the top of the wedge after the breakout would have the been entry point. Reversal candlestick pattern plus a retest of a previous resistance level signifying the S/R flip.
WhatTheHeckonomics
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I'm thinking a breakdown! Then it will be time to shop for more miners.
marketscripters
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@PaulDay15, Looks like we brokeUP!
WhatTheHeckonomics
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@marketscripters, wrong again Paul! I still think we have to go lower before the bull market resumes.

I have to sit down later and reasses based on where monthly candles closed yesterday.
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