ScotianBot

Ascending Triangle for Gold?

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
On the KST there is a similar Ascending Triangle and a noticeable bullish cross where I have the blue finger icon pointing upward.

I have placed three green finger icons on the regular chart & KST that could be an indication of a triple bottom.

In my previous gold post linked to this chart I mentioned how Gold was trading in a bullish flag or descending triangle , gold has broken flush to the upside of that pattern, potentially indicating a bottoming & the next leg up of the bull market will continue.

Always the possibility of this being a giant bear flag , we'll have to see how the trend continues, however, gold bull markets historically last approximately 10-14 years over the previous century.

Last week, Russia's second-largest bank announced a plan to start the first Russian ETF backed by physical gold .

VTB Bank PJSC, Russia’s second-biggest lender, is betting on gold and other precious metals to boost profits this year as investors flock to havens amid the global pandemic.

The bank is prioritizing physical gold trading, as well as lending to mining companies and deals with their shares, because they are one of the few sectors to benefit from Covid-19, First Deputy Chairman Yuri Soloviev said in an interview.

Tradingview doesn't allow us to post external links, however, a quick google search will show you what I am referencing above in regards to Russia.

ORSU Metals is a Russian Gold Mining company that recently completed positive bulk sampling, keep an eye on them, OSU on the tsxv.


Comment: Bullish Flag breakout,

Comments

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