piphunters
Short

GOLD: A COMPLETE WEEKLY TRIANGLE?

FX:XAUUSD   Gold / U.S. Dollar
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!
GOLD reversal signal
Completely opposite of you! good luck....
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cfetrader mhctrader
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.
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mhctrader cfetrader
I wasn't criticising him. I was saying good luck - may the best man win.
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Nice, looks like a market maker's chart. Not very much bullish till April from a cyclical point of view IMHO
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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.

snapshot
+2 Reply
AGREE WITH THE BULLISH
+3 Reply
piphunters tntsunrise
hello, don't you think with the FED is expected to keep on hiking interest rates, that will keep weighing on gold adding more bearish pressure?
+1 Reply
cfetrader piphunters
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.
+1 Reply
piphunters cfetrader
possible scenario you have there, let's wait and see.
+1 Reply
There is no way you can label your 1.2.3.4.5 as an impuls. I honestly believe you have broken every rule in EWT there is. For example 3.3 is the shortest wave in 3

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