Loading ...Gold Redemption’s Line Shows up on XAU as well…
Above is GoldRedemption’s line he found on the GDXJ. It shows up in an even more grand fashion on XAU.
Below is a Commodity Tracking ETF that backtested perfectly the line chart support line below. This the final low? All a backtest to shake out the weak hands before the run up?
How many are now bearish? A LOT….
If you bring $XAU up on a logarithmic weekly chart from the March 2020 low to the present, it actually looks really good. Looking at that chart and assuming it’s in a bear market is a testament to how much time plays a role in human psychology. It’s at the same price as it was in the fall of 2020, but nobody thought it was a bear market back then because the collective patience of investors had not yet run out.
Having said that we’ll have to wait and see what lies ahead, but for now we have reason to remain hopeful that the back test support will hold.
Well said.
Bullish possibility here on XAU:
Action since June 1 is a cup for a bullish cup and handle continuation pattern.