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I dont see how prices bounce above $14 until we see a lower low. Way too many shares traded in the range now and plenty of people will sell to get out even at $14 or less. Back in July I thought we were making a constructive bullish flag. That is not a bullish flag any longer and all we’ve done is create a huge supply zone around $14. Looks like a ripe setup for a waterfall decline to resume.
Edit: Also thought I’d add the JDST daily chart which shows a bullish consolidation occurring vis a vis cup and handle style. In fact it looks just like the $USD (UUP) cup and handle.
very interesting observation Mark
Thanks
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bullish MACD crossover today – let the run begin 🙂
Totally agree, This is not a bull flag. Way too much time and opportunity to start its up journey. Not happening, look out below
like it Mark. good analysis of the structure and what it means, instead of just looking at price action and indicators.
Thanks Spock. I don’t think the momentum oscillators are as relevant right now as they had been since about May 2013 because as of 3 weeks ago, gold is no longer trading in the range that it had been over the past 2+ years. Gold has made the next stairstep lower so just because an oscillator is resetting doesn’t mean a new “buy” signal is necessarily getting triggered…the momentum is simply getting worked off. As I posted on 7/29, here is where I think we are in terms of a gold reference point: http://schrts.co/jyP3A4