This is a follow up note for our weekly US$Gold chart posted on the 22 Oct'19.
Daily charts indicate gold has rested enough and looks set to resume its upward trend to the next
major Fibonacci Retracement level.
The Trend is Your Friend!
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The Euro/Dollar currency pair chart is beating out a two year descending wedge pattern.
It's Momentum Indicators, the 14 / 3 / 3 period slow stochastic, and the 21 period Relative Strength Index continue
to display an increase in bullish momentum by plotting higher lows versus the price which is plotting lower lows.
This is called compound divergence which is...
The S&P 500 chart seems to be plotting out a multi year (2018-2019) ascending wedge pattern.
At the moment the technical pattern cannot be viewed as either bearish or bullish whilst it grinds out the formation.
A sustained break-out above the 3050 level could see NEW HIGHS to 3450 (1.618 Fibonacci Extension) which would
imply +13% upside. Conversely a sustained...