Thoughts on #Gold 1W Chart
Holding well above breakout line of a 6 year long sideways channel. Coming down off over bought RSI reading, but the interesting thing is that you have to go back to 2011 to see the last over sold reading, that was the 7th in a rally series to a ATH. Which leads me to believe this may be the first weekly oversold RSI reading in another multi year rally series culminating in a new ATH 2020-2022. Clear bull flag now on the 1day chart, which looks bullish ... Let's see what the FED does this week !
Holding well above breakout line of a 6 year long sideways channel. Coming down off over bought RSI reading, but the interesting thing is that you have to go back to 2011 to see the last over sold reading, that was the 7th in a rally series to a ATH. Which leads me to believe this may be the first weekly oversold RSI reading in another multi year rally series culminating in a new ATH 2020-2022. Clear bull flag now on the 1day chart, which looks bullish ... Let's see what the FED does this week !