Hey guys! Really important for me you read the text on chart to understand fully.
Accumulation phase means buyers are feeling out the market and price action is likely preparing for a breakout up. Distribution phase means the buyers are offloading their stock, essentially taking profits, shorting traders also enter the market bringing price action down.
Usually, depending on the down-trend, there could be a re-distribution phase or two within the down-trend.
At the bottom of the down-trend we again have the accumulation phase initiate with potential upside breakout.
On the chart you will find real time review of the phases and bullish possibility is very valid supported by technical indications such as: *RSI double bottom oversold *Falling wedge pattern - consolidating highs and lows in a wedge shape down, bullish *Connecting lows of the last 8 weeks *Horizontal level of support
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The falling wedge proved to be accurate and a +$25 jump came quick once price action broke above resistance of around 1890.
1912-1915 is the next resistance to pass on the way to 1940.
Retest of 1905, 1897 is possible , price action is now up-trending from accumulation
Trade active
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The breakout continued with a jump all the way to 1920. Since, it dropped back down to retest the connecting lows on longer time frames and reached the mid 1850's with a spike which immediately corrected back to the big picture up-trend.
With the high inflation in U.S Gold can move higher. I agree with you.
Exactus
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@KlejdiCuni, exactly.. interest rates can't counter such serious debt and inflation
robed1
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Actually the gold has been doing very well with the rates and USD on the roar. I was in early.. early.. my main positions are miners. I hedge with dust ETF when I think a correction is due and collect DIV's long haul. Those volatility trades have also been treating me nicely.. although you need a steel sack
robed1
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@robed1, actually I will be slowly collecting dust as gold moons, nibble at a time increasing in size as we go up, if it does lol.. cause when it decides to come down it will be the trade of the century on the leveraged short. Wishful thinking? Funny thing is I will buy the physical no matter what happens.
Exactus
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@robed1, inflation is just starting ..USD right now going up is a dead cat bounce right before what could be the biggest spike down of the last 100 years