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22/04/24
15:59
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Originally posted by Anonandon:
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I'm drawing a long bow here but gold could be forming a pennant flag on the weekly. This suggests one or two weeks in a range between 2340 and 2400 before the next leg up. If that occurs it will push it a long, long way above the 200 day MA although that line will be moving up strongly as well. Channeling Gazza - More likely, and preferably, a correction from here to the 2150-2200 range would be healthy and shake out the late buyers (that's what the market loves to do). That's still a long way down from here but the broader market looks ready to roll over. We've had some big gains in the last month and we are due for a pullback. Nothing goes up in a straight line. That does not mean a bounce could not occur on Monday. Anything is possible. DYOR.
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l am actually of the view that it will be the first scenario. A pennant flag between $2,340 - $2,400 for a few weeks whilst the moving averages catch up and the gold indexes play catch up.