Gold appears to be repeating its behaviour from earlier this year.
From 20th February to 19th June 2019, price was in consolidation and used the base
of the consolidation zone as support and then formed a strong uptrend which rose by 22%.
If we bring our attention to the current consolidation, the pattern looks very similar
to the consolidation period mentioned above and what we know of the market is that
it tends to repeat itself.
This does not guarantee the same thing will happen, but it will give us a strong indication
of what is likely to happen next. With this knowledge, we can position ourselves early on to
take advantage of opportunities to make a profit from the next trend.
Right now we just need to wait for a breakout of the 4th September 2019 high at $1,557.
By that point, price would have moved above the $1,500 round number and the breakout
would have confirmed a continuation to the upside.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
From 20th February to 19th June 2019, price was in consolidation and used the base
of the consolidation zone as support and then formed a strong uptrend which rose by 22%.
If we bring our attention to the current consolidation, the pattern looks very similar
to the consolidation period mentioned above and what we know of the market is that
it tends to repeat itself.
This does not guarantee the same thing will happen, but it will give us a strong indication
of what is likely to happen next. With this knowledge, we can position ourselves early on to
take advantage of opportunities to make a profit from the next trend.
Right now we just need to wait for a breakout of the 4th September 2019 high at $1,557.
By that point, price would have moved above the $1,500 round number and the breakout
would have confirmed a continuation to the upside.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
