Above post re GOLD Weekly Chart Outlook last July was the first mention.
Current chart shows Gold price has reached the bottom of the downward channel of the Cup & Handle formation on the Weekly Chart. Expecting a rebound in the next two weeks or so, then year-end holidays and market activities will slow to a trickle.
Many will look back in the new year and regret they did not take a position at this time. Having said, this does not mean Gold price will be skyrocketing to 3000 anytime soon as most were made to believe. IMO before a new high in Gold price can be achieved there must be a breakout above the downward channel, and a confirmation a long term reversal has been made.
For now 1750, 1600, and ultimately 1500 are still possible targets. In the mean time move with the trend.
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Open | High | Low | Value | Volume |
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1 | 25000 | 1.615 |
2 | 10000 | 1.610 |
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Price($) | Vol. | No. |
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