Do we have a weekly triangle that's complete and turning down signalling more downside for gold or am I forcing one out of the woodwork? If so that's a lot of downside!
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Hello everyone. I wish to enter this vivacious discussion to add the following possibility for consideration. Before issuing a final verdict of further decline in the price of gold, let us consider that there are 3 potential patterns still in play (all bullish by the way), 2 three drives and a Wolfe wave.
Hello Piphunters. How the Fed decisions from now on will affect gold & dollar, that remains a big puzzle, even though both these assets are usually inversely correlated. Nothing surprises me any more, even a possible in tandem movement. As a technical analyst, I try to look at what the patterns (e.g. 3 drives, WW & EW) are telling us. I have just published a long term scenario for gold, which you might find interesting.
Mhctader, in Piphunters defense, his chart at the time looked as if gold prices would spill over "towards the abyss". One cannot be criticized for an 8 day old forecast, knowing what is happening now. It is like being a "prophet" after the event. At any instant there are always 2 possible trend outcomes, and we all use technical analysis (filtered mostly through our subjectivity) to decipher the direction that has more probability of materializing.