Gold monthly and weekly
Both charts inspired by Rambus in Chartology.
Note in weekly chart an inverse HnS just below the Megee resistant line. Once this line broken gold should be in uptrend??? Gold is trendin towards the NL.
Polls
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Left chart …big blue numbers
1 needs to be at the 1900 top….( the first reversal of a pattern is 1)
otherwise nice chart
Thanks Will change the chart notations.
I expect one of your upper lines to be tested once again. Au is in progress of a potential bull flag since last Wednesday. GL.
What is the Magee line. I’ve seen it referenced a lot. What does it mean?
Magee is co author of Edward and Magee for TA of market.
The Magee bear market trend line is drawn from the all time high for Gold on the 6th of September, 2011, to the first major swing high within the following bear market on the 5th of October, 2012. This line should provide strong resistance.
AND gold is testing this line.
great charts, thanks!