Updated from previous Published chart.... Gold looks to be about to bust IMO. Already had calculated current trend pattern, and identified it as a potential 3top pattern a week or two ago. I wanted a back test of any previous 3top tech patterns to see if the calculations used; the standard 2X the % of 3 top formation channel difference from top to bottom. Then calculate and log the price point of the 2x loss within channel, measured down from the lower price support of the channel. It seems the previous 3top identified was almost a text book example of how this pattern is taught. Albeit, it was actually worse than the predictive formula for the 2011/2012 3top eventual decline in value. Looks like the potential is there for a significant decline in the value of the "safe alternative asset", at least according to ALL the commercials. And it doesn't seem to live up to most of the other sales pitches made on tv and radio such as " gold is a hedge against inflation", and many other misleading claims. Don't always buy into the hype I guess. Always do your own homework. Short on time, just wanted to get this out there for some alternative views and collaboration in regards to what I may have stumbled on here. Check me on this if you have the time, I don't have much at this moment; I believe I was taught that in general Stocks in general, or indexes, are one of only a few proven assets that have kept up with or outpaced inflation over the long-term (the past 100 years or so.).
Disclosure: This is not to be taken in any way as an attempt to provide investment advice, this post and chart are for informational purposes only. All content contained is not a recommendation either for or against owning Gold and I recommend you speak to your financial advisor before acting upon any information you find herein, or any other posts for that matter! Always remember that investing involves risk, and can result in financial loss. And past performance is not a reliable indicator for future results and should not be relied upon as the basis for making investment decisions. Thanks all of ya'll who view this, I am looking forward to hearing your thoughts on this subject! Hope it sparks some ideas that may help any of you in your quest for knowledge.
Looking again at my chart, it may be better to go with the massive Cup with somewhat of a handle pattern. That is a massive cup, it can not push much, if at all above its all time high. It made two runs and failed to hit a major breakout. The bulls are not paying above those levels as a broad market sentiment. Once the confidence is lost, the ones hoping for higher highs will swecond guess themselves, once they decide to park funds in places where they are paying 4%+ yields, Gold will fall.
DaveBrascoFX
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This is no way a triple top. Gold broke important 1896,that is now the beginning of the support zone 1. Further Hiher Highs Highe Lows. 3rd: Bullish volume increasing.
brandonvarisco
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@DaveBrascoFX, I'm not one to hope Gold is about to take a dive, and I can't place a short trade to capitalize on it even if I was. This is just my thoughts on this after spending a lot of time analyzing it. I understand the differing opinions on where the price will go but, the fact that Gold may be just about to complete the formation; don't get too confident. I have studied he heck out of this, I usually don't pay it much mind either. The reason I even have a chart posted is because I accidentally clicked on the ticker and immediately recognized the potential for a major, long-term bear market. If I am wrong, I truly hope you profit from my mistake. My prediction is already looking to be playing out. It will have three or so ups and downs, with lower lows and lower highs. It will come to a short lived sideways trend once it falls to the bottom of the cannel I have marked. Once the bears see the momentum of buyers slow, it will fall through the support and once that happens, the bottom is falling out...... No need to agree or disagree, I will check back either way in two months. We will see.....
DaveBrascoFX
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@brandonvarisco, no probs. take it easy. its not about being right.its about making profits. everybodyhas his own style,so many styles,so many trading systems,so many opinions.we learn of each other, and it is also refreshing to see other ppls point of view. So hope you did or do profits. If you make mistakes, well its not about that i make moeny or others.cuz trading has its own risks, So i wish you all the best, and many may winning trades. Remember: W e learn of eachothers opinions
DaveBrascoFX
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@brandonvarisco, On weekly you may are right. whatever ,gold is very sensitive and slow market, Fundamentally many central banks have already started to buy gold secretly, some have published reports like central bank of polad ad iraq, so I think they already began earlier to buy gold, and ow intend to push the prices higher. On the other side the commitment traders report of cftc that is published every friday, has been unpublished this year 4 times, specially the golld report and I think it was manipulated. Alsowe near the summer time where Gold price could reach a ew peak, as in summer countries specially Idia and arabic countries consume a lot of gold these times. But at least I trade,what I see. and the forecasts are just approcimately as there is nothing for sure.cheers
akshaygarg113
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not possible 👎👎
brandonvarisco
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@akshaygarg113 are you retarted? That is all… it was a rhetorical question.
akshaygarg113
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@brandonvarisco your questions seem like retarded u jsckass🤣🤣