Gold futures broke below support, appears to be forming a wedgie.
Expecting a bounce if it hits the bottom trendline or if it breaks the upper one. Probably a backtest of support.
Long term it's forming a 2 year pennant. Do not expect it to double bottom.
Expecting a bounce if it hits the bottom trendline or if it breaks the upper one. Probably a backtest of support.
Long term it's forming a 2 year pennant. Do not expect it to double bottom.
Commento:
Appears to have broken the upper trendline, but fell back below support, looks to be back testing the trendline, probably bailing out today.
Commento:
Bailed on the back test while I'm even. Don't like the way this looks, appears we'll get a bounce up on the oversold condition before we see the next drop.
Based on charts the next drop is anywhere between 2 - 4 weeks away.
Based on charts the next drop is anywhere between 2 - 4 weeks away.