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If this pattern is valid….It would be an example of a “running” correction”
Rambus likes to point out a pattern developing in the direction of the impulse is very bullish
More so than the usual variety which slope down.
But 1340 needs to hold.
If it does we could have our big move.
gap filled in gld
added chart in my last flag post, price still above centerline on bolly bands, gold twas looking for any excuse to correct imho. Lotsa chaos on the planet compared to trump talk. He really does like lower dollar but china no want currency war, who does., they never admit it tho.
Looks like a bear flag to me.
Why ?
Most patterns are continuations
Not many bear flags fly high like this.
Could be …but you don’t know until it breaks one way or the udder
Looks like there could be a double top on the GDX. This present high is very close to its last high. Watching.
23.39 has to hold on GDX or we get a lower low on the 60-minute chart.
Because $USD & $XEU both look as though they are ripe for reversal.
Interesting to see if $1340 holds.
ALL the PM charts have the “running correction” set-up – I watch XAU closely here, as it seems to always lead at these critical points.
http://stockcharts.com/h-sc/ui?s=%24XAU&p=30&st=2016-01-18&en=today&id=p48533401562&a=463885488
I’ve been watching the COT chart for a few weeks, wondering when gold would top out and decline. Looks like I just got my answer. Lot of resistance at 1365 or so.
http://snalaska.com/cot/current/charts/GC.png