Loading ...Gold Intermediate Cycle Lows
(ICLs) and the RSI. The ICLs marked on this chart are guesstimates. Assuming they are correct, one might note that most ICLs correspond to RSI in the sub 30 range (as noted by the blue arrows) If the present ICL follows to pattern, then we have a tad further to go. Since the market loves pattern symmetry, 1180 ish might nail Surf’s ICL. We will have our answer soon.
If Gold does get a bounce at 1180, well – anything is possible. Wouldn’t a 5 point reversal pattern look pretty?
For Northstar
Always appreciate your charts Silver Fox
Thanks SF. Looks perfectly plausible. After hitting the $1180 area we could just continue up. Either way, that support area really needs to hold.
In an uptrend, gold won’t drop to RSI 30.
But in downtrends, that’s usually a given. And a solid alert.
FWIW, my charts (which Fully can’t read) are giving fresh “LT” downturn signals that are typically of the multi month variety. There is waterfall potential here as well, imo.
All the discussion of 1180 reminds me of all the prior discussion in early 2013 around 1540.
As credit begins to tighten, surprises will be to the downside.
Good points there Pedro.
SF, Great charts and yes 1180 would move the RSI lower and price would also tag the uptrend from late 2015