Gold – Bull Flag/Bearish Wedge
I’ve posted about my thoughts that gold is now on the march towards $2000, but I do need to acknowledge the bearish rising wedge. I’ll be watching price reaction at the upper resistance line very carefully.
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nice chart. there are two EW counts bullish n bearish just like two patterns in TA. Short term two separate targets and then reversal for both counts . Target for bull 1798 and bear count 1980. Bull count to retrace to 1400 and bear count Wave b completes and followed by wave c down to $800.
Hope gold is in bull trend.
Thanks for your comments Bikoo. A bullish case involving a drop to $1400 would surprise a lot of people. Either way, this is a time to be very cautious/defensive.
Hope gold is in a bull trend? Huh. Clearly the evidence speaks for itself since 2016. Any EW guys calling for sub-$1,000 gold should quit. This includes Henrik. Not going to happen.