Loading ...Gold close to two potential support lines on my chart.
Gold close to two potential support lines on my chart, one parallel to the larger blue pitchfork and also the upper rail of the smaller light blue fork. Both care close to $1310 as of 15 July, St. Swithin’s Day, so let’s hope it doesn’t rain!
The test of support at the light blue line is a potential back-test of the breakout above the light blue fork that already happened. I have seen these two forks as roughly equal in importance in the price action since the December lows:
think you have it dave –
i like using TL mirrors also (playing off light blue fork), which often reassert themselves over time, but see this pullback as simply a back-test of the operative H&S neckline breakout (dark blue line (*)).
Hmm, cheers RTV! The thing I liked about the light blue fork (even though the dark blue one is probably more important long term) was the action at the very bottom of the light blue fork at $1045/1046 where gold did one of those neat little ‘flush below the line, close on the line and then retest’ moves way back down there and then took off like a rocket.
Seems Gold bounced off your line at 1310 in the pre-market.
Great, isn’t it? I captured this chart on last Friday (15 July) and didn’t even look at it until today!