Gold – Down And Out ?
Down to between $1240 and $1250, then blast out and above $1400. Looks highly likely to me.
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Bring it on.
One thing I don’t like are those lower highs on the right hand side of the cup (2016-2019). We just had yet another one in early 2019. 1380, 1360, 1340 … “and so on and so forth” as Marc Faber would say
The hit at $1167 late in 2018 could be the back-test of the breakout from that huge bullish wedge you have drawn. On the other hand, one could draw a huge bear wedge encompassing the action from 2013-2019 with a top line of those lower highs at $1430, $390, $1380, $1360 and $1340 lately and a bottom line where yours is.
All to play for – for bulls and bears too.
The pundits are bullish. Never a good sign.
If price breaks below that cup and below that red lower support line which is around $1200 now, then $700-800 could be in play.