Extended high vol impulse above breakout area at 21.5p now correcting back toward that price. Levels in play 21.5p-23.3p. Possibility the gap just lower at 20.5p fills. That would set-up nicely to retest the extension fibs above 23.3p, 24.2p, 25.6p, 28.1p, 29.8p
I’ve charted my views on gold for a long time. Price got quite close to the 161.8% extension move effectively from the top of the IH&S to the bottom. From there we’ve not pulled back and tested the 127.2% extension twice with it holding. This is a good area to buy and look for the next leg higher (1600). Below 1470 invalidates and it will move back to the 100%...
Very clear gap fill and quite a good solid backtest on this 2hr chart. There re lots of gaps much higher on this chart and some potentially very big targets but I’m only focussed on the next one which would be the 161.8% extension of this present move up at 315p-320p
Broken out from the distribution area and now moving up through an area where price rapidly fell. Almost a gap but not quite - very thin volume & the advances upward towards the 1350 area could be quite swift.
50% retrace from the recent high but more importantly 35p represents the breakdown and break back line in the sand for me. We should see this extend powerfully from here much higher. See notes on chart for targets.
Bottoming on this is near complete in my opinion. Very long term accumulation down here at huge volume. A cocktail of things which might make a price rise quite dramatic. Immediate targets 330 and 500 but could obviously go much higher.
This has been trading in a falling channel, my main question was to explore if it’s bottomed or not before entertaining a long position. The rounding shape & double bottom gives this a high probability so rather than visit the channel bottom I now expect this to move to the channel top next at 1.93p. Let’s revisit if this breaks.
Symmetrical triangle with a false breakout 5th touch. Price distributing nicely across the demand area at 14.75 & onto the rising 200DMA. This should narrow over the next week or so & high probability to break higher. Although the present setup is a triangle, the convergence of the supply areas (horizontal supports/resistance) and the fib levels on this chart are...