Loading ...Long Term Gold Channel
With a beautiful looking Bull Flag Breakout.
Here is an update to my long term Gold Channel with a revised Bull Flag. The original Flag breakout was the one in Green that I posted on earlier. I have updated the chart with the Red Flag to show where the next real test should come in around 1450 or so.
Short term cycles will come and go but if the long term Price channel holds, this chart provides us with a view to the bigger picture.
There still exists the possibility of retesting the 1160 lower support channel over the next year. Look at the fractal that occured in 1999-2001 where it surged to the upside in the bull flag and the RSI printed 70 and the. It traded sideways for the next year before finally making its bull run.
Don, I am expecting a short term correction into early to mid April that should start soon and it is possible that the lower channel line at 1160 could be tested at that time. I have shown that possibility in this post here:
http://goldtadise.com/?p=365292
The top of the channel is 3000+. and could be plus a lot.
There is a difference, Don. The 2001 action was after a twenty year bear market, whereas the present action was a bear correction of 4 years within a secular bull. Just mho.