Gold setting up a beautiful Bull Pennant on the week chart. With Volatility increasing thanks to the tapering of QE, a flight to gold is a natural reaction. A break and hold above $1 860 could result in a first price target back to local highs of $2 000. I am bullish on Gold for the medium term. Boom, TheRaggy
My expectation is a quite big upward impulse after the current correction. That's why I want to take a long trade. We have some sort of squeezing structure at the end. It can be a strong indication for completion of the correction. Now, I'm waiting for a reversal pattern to place a pending order.
Hello Traders The higher degree structure should be a correction between the green lines. And as you can see, the C wave is in the making inside that correction. Any last low can be the end of the whole downward structure and it can go up but my main forecast is a running flat as the 4th wave and one more drop. What we have at the very end can be a reversal...