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GOLD gold futures

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Gold in Aud, page-7

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telamelo

12,639 Posts.

348

26/06/23

23:03

Post #: 68481091
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Originally posted by goodoh: ↑

Attached is an update of the gold price in aud.Also attached is the chart of xgd which is a aust gold stock index.
It is showing almost a perfect big head and shoulders pattern with the left shoulder as a rising wedge pattern and the right shoulder a flag pattern The pattern is not complete until the neckline is broken.
When it does breakout of the neckline there will a big upside with such a long consolidation.
I am now slowly getting back into gold stocks. There is still time as the breakout from the right shoulder's retest seemed to be incomplete yet. as it is only about 9 months old. The safest time to enter would be when prices have broken out of the neckline and retested it to confirm the big head and shoulder pattern; but you will then lose a lot of upside.
since the last monthly low and this monthly cycle still have a few months to run before it is in the timing band for the next cycle low.
Maybe the low may just touch the upper rail of the right shoulder which would make it a perfect retest.

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Excellent work/analysis there @goodoh & big thanks for sharing charts as look forward to your next update.

Cheers tela
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Gold in Aud, page-7

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