The Cup is formed, and if this is true to the chart patterns, then the handle can be expected to take shape next. This means a retracement and a decline in POG will follow.
Since this is a Weekly chart, the time frame is moderately long i.e. it may not happen immediately. Having said, POG is now trending at the top end of RSI - overbought. MACD is nearing 70.
Looking at the FBR, the drop if it eventuates, could see POG reach bottom at 1730, 1600, or 1500.
Of course the current sentiment does not support this outlook, but a contrarian would take precautions.
GOLD FEVER, page-457
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Last
$1.73 |
Change
0.060(3.59%) |
Mkt cap ! $1.874B | |||
| Open | High | Low | Value | Volume |
| $1.75 | $1.78 | $1.71 | $25.98M | 15.00M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 40541 | $1.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.73 | 46799 | 3 |
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| Last trade - 16.10pm 21/06/2024 (20 minute delay) ? |
| GOR (ASX) Chart |