Price action from today indicates that Gold is ready to rally!!

The Robert N. Burgess School of Analysis and Trading uses the Burgess technique to analyze charts to find trades. Using the Burgess Technique, price action creates form, which is subsequently clarified by analysis, of the effects from price change and volume. Often, multiple time frames, of different duration, are analyzed, to further clarify the effects of buying and selling, on larger time frames. Time frames are waves of buying or selling. As an example, intraday analysis may be used to clarify whether a short-term price action, contributes to the daily analysis, which may also complete a weekly analysis, suggesting a trade, which has odds to begin as a winning trade, and importantly, good odds of growing into a larger trade, which should create an exceptional risk reward profile. As the trade works, subsequent price action determines whether to continue in the trade. Additionally, the initial stop loss order is usually moved with the trade. Daily price action in Gold - today, Friday 10-16-2020 - suggests that today's low ended the selling pressure and has created higher support. Therefore, assuming next week's daily price action is up and creates the required risk profile, I expect to become a buyer of the the December Comex Gold Contract. The stop loss will be this week's low.

Comment:

Gold Must Rally - now! Otherwise the market becomes vulnerable to renewed selling!!