Loading ...Gold Weekly 10 Year Chart
Spoiler Alert
Gold had a 50% move from a very significant bottom in Jan 2016 to mid 2019 ( $1050 o $1550)
Should we not expect a Retest of the breakout at $1365 ?
This also happens to be the First Fibo retracement.
Also notice the clear RSI trendline break.
I know we are ALL set for Gold to take off here and now in Jan 2020
But is this a reasonable assumption ?
In my view, the dominant chart pattern at the moment, which has provided ultimate support throughout the ENTIRE period of the last 6 years is the cup or bowl ‘basing’ formation. If that continues to be the case, price cannot fall much below $1410 (and rising).
Revised the chart to add the weekly bowl
Maybe both patterns …Fib retrace and bowl hit can happen ?
Since when has reason been applicable in precious metals markets????