I keep posting this one but it really is looking like POG has finished the downleg.
I still see a tad more confirmation to be 100% (and I expect more games/smackdowns yet
) but here's the supporting evidence:
Last night's move was the highest close in almost 3 weeks and if that MACD is any indication
(based on previous points in this chart with similar lows before MACD lines crossed over), then the upside from $1,250 of same magnitude would see POG up somewhere between $100-$200 before peaking.
Posted this in the gold thread earlier but keen to share as further evidence of uptrend resuming.
I see 2 cup and handle formations at the moment, first I noticed the HUI, and it's not quite broken out above the top of the cup yet
(confirmation required), but another up day could see it well on the way to easily taking out the large gap overhead:
(I just about see a double bottom in this cup and handle)
Here we see a bit in the chart where POG was moving up for a few days, yet the HUI was selling off, and I recall
this time when the drops goldies suffered were nothing to do with POG.
So the HUI deserves our attention as it could be a precursor to this next leg up.
View attachment 308141
Finally, POG also looks to have a cup and handle on the daily, and range to me suggests at least we will retest up around $1,300, so a bit more of a run from here is looking good.
