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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Sellers (Offers)
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No. | Vol. | Price($) |
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1 | 13140 | 1.785 |
1 | 5649 | 1.780 |
6 | 84781 | 1.775 |
4 | 49566 | 1.770 |
2 | 25746 | 1.765 |
Price($) | Vol. | No. |
---|---|---|
1.790 | 31733 | 6 |
1.795 | 48693 | 3 |
1.800 | 59382 | 6 |
1.805 | 37269 | 4 |
1.810 | 10030 | 3 |
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