Have a great day
Providing update to my previous chart. Gold has now completed an inverse head and shoulders pattern and we're expecting the bullish momentum to continue.
GLD - 2 months of consolidation leading to expansion, after June 19th jerome powell speach. I saw options July and Sept call flow for GLD, NEM, GDX and SSRM. If Gold futures closes over $1750, that would be confirmation of uptrend. The FED will keep inflating market, also Hedge funds are fully vested into markets as well. Seasonality - charts.equityclock.com
We can see from this chart that price is ready to drop! It has hit a key level of support and bounced off, it has tested this area several times before going higher each time. The last time this level was broken it was a freefall to the bottom.. The next time the drop may be even greater!! Get the sell stops in!
Weekly Chart : A very Clumsy Bullish Trend has started in 01/2016, and have been confirmed officially on the Penetration of the MDT (Major Down Trend) in 01/2019. Note the Retest of Both Major Down Trendline and Major Up Trendline which occured on 03/2020 (covid-19 Drop) - Looking Positive. Daily Chart : 31.3 Broke up with a gap and turn from...
Gold (AUD) daily- Uptrend from early still intact and recently confirmed.
It has no choice.
The Spring season ends within a few weeks. Golden bulls and bears are about to go head to head for season champion. Bulls will surely win next season, but this season is still close. Bears have a chance for a final round comeback. Bulls will try to go for the kill this week with a break out of H(1) wedge, while bears try to extend the match to the larger H(4)...
Behold the rarely seen "Gold Mushroom"™️ ©️ pattern! Some mushrooms are poisonous! Be careful out here! Always consult with professional mushroom pickers!
Short $GDX 34.53 SL 37.49 (-8.6%) TG 12.40 (+64%) Regular Flat ABC Pattern w/ Divergence
Gold (GBP) daily- Up Channel, within Upchannel. Futher deatils about Up and Down channels: thepatternsite.com
Gold (AUD) daily- Ascendin' Broadenin' Wedge(ABW) inside another ABW!
Gold (AUD)- Simple UpTrend support. Short term bullish.
Gold (USD) daily- Ascendening Broadening Wedge (ABW). A real possibility of reaching for the bottom of the ABW trading range.
Gold (AUD) daily- Clear downward breakout from Ascending' Broadening Wedge (ABW). Price target is horizontal red line. Temporary relief at purple UpTrend line. Regarding the 52% of ABW that break out downwards. 81% of those act as Reversals of the prevailing trend- Thomas Bulkowski. thepatternsite.com
Long term I'm definitely a gold bug but I have warned repeatedly about near term risk (which I don't think has completely resolved if I'm honest). The market is euphoric but channels are now becoming apparent and lines are being drawn. It's very possible we have a small bounce in miners with the upper channel limits identified as well as some other possible...