I reckon this thread has gotten better since finding a new home. Great stuff. :)))
GOLD - The following is a weekly chart for a longer term look. I'd love to see an alternative weekly chart as I see nothing but bearishness here. So many ducks are lining up for further falls in the gold price.
Firstly, RSI, MACD, and stochastic are all indicating bearish divergence; that is HIGHER HIGHS in price accompanied by LOWER HIGHS on the indicators. Similarities exist with 2008 but now there is also double divergence on MACD (histogram AND lines).
On the actual price chart, there is one pitchfork that has produced many touches on 50% divisions which are accurately matching the repeating ranges. Also fitting in perfectly is the green trendline that had three touches, a break and then a backtest before the run to $1,200+.
With that in mind my first target is $1,120 and then a bigger target at $950. But who knows! However, I view this being a necessary and healthy pullback and believe that at any price above $950, Gold is still in an uptrend.
