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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Buyers (Bids)
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---|---|---|
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No. | Vol. | Price($) |
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1 | 5202 | 1.875 |
5 | 36231 | 1.870 |
1 | 4647 | 1.865 |
1 | 4647 | 1.860 |
Price($) | Vol. | No. |
---|---|---|
1.895 | 4000 | 1 |
1.900 | 282388 | 18 |
1.905 | 20000 | 2 |
1.910 | 16232 | 2 |
1.915 | 24647 | 2 |
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