Gold did a quick turn around knocking on the 5 year resistance line again but the bull case has still not been eradicated. Assuming this is a correction, I am looking to go long anywhere at the 61.8% fib retracement of the July candle to a potential flash crash point if it enters inside the pressure wedge (falling wedge) area and touches 6 month moving average....
its a pretty incredible time for gold! no retracemement for gold come monday in my opinion. should be a straight up candle and massive rally to 1535 come end of year. closing .20 above the major resistance line, on the monthly put us in mostly open skies.. plus with the completed inverse head and shoulders formed underneath on the 11 year support line (yellow)...
Diamond Patterns in the stock charts typically signal confusion in the market place and more often than not a topping process that lead to reversals. Target prices are determined by subtracting the high of the diamond from the low of the diamond and then subtracting that gotten number from the area broken of the diamond pattern. $789.87 High -$663.50 Low =...
It looks like Gold is ready for an upthrust in its consolidation channel. Falling Wedges (in red) typically occur when the faster moving resistance line catches up to the slower moving support line and it causes a big blowout to the upside usually, which we see on the chart. I like to confirm this pattern with the inverse head and shoulders that is also apparent...
