mirren, a renko chart for your gold indulgence.
For the newer charting folks, a renko is a kind of half way house between the Bar chart and a P n F . This definition from the web: A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount. White bricks are used when the direction of the trend is up, while black bricks are used when the trend is down.
This 3-year daily renko of gold below crystallises price action down to major/minor tops, bottoms and the trends in between them.
The stunning thing for me in the chart is the fractal repetition. I'll let the colour markings talk for themselves except for a comment on the RSI. RSI is already a strength simplification of closing prices so the RSI on a renko is a double distillation - pure grog, not cheap headache stuff. Whether we find wisdom with that, I'm not sure.
Both of the orange-bordered consolidations came at the same time of the year (Q2) but the first one exceeded RSI 70. The second didn't suggesting this current trend may go longer to higher prices.
We'll see by the end of Q3, I suspect.
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