I have posted a few gold chart here but very occasionally. If I recall I did one last week I think.
Some folks thinks the chart is the future telling and some believe it too! I use the chart to again qualify the term probability of events and gauge the risk and trade management if in position accordingly. I have no idea what happens on the right of the chart although it WOULD BE VERY HANDY.
As I have again posted, I see a wedge pattern, the base is almost flat and the swing peaks (weekly) are getting lower. Last attempt at the trendline break failed if you are into those sorts of pattern, casual observation as I do not use pasterns. However if the base (not a precisely support level) breaks then we may a breakdown. If you look in the past in Nov14 I think, the NFP caused a fakeout as initially price dropped past the support and then reversed and caught the bears who I presume short covered! This tells me that should price gets to the support level again do not assume it is a walk in the park and all over for gold. It may but assume at your peril.
Are you happy now that I am talking in circles with no committed bias?
I did not invent these observations and neither am I saying I am an expert.
