Gold in coiling mode
It appears that in recent months, a rally in Gold snooked many, with false breakouts that were followed immediately with reversals. This happened thrice in July August period, which was abruptly ended with a steep drop of more than 1000.
And yet it bounced off hard, over the last week.
Relooking into the chart patterns, the cup (or handle rather) is redrawn and retimed. A new breakout level is also set in. This time, a better chance for Gold to recover is attributed to the bullish divergence seen in the RPM and MACD.
The weekly candle is also supportive with a consolidating week after the previous which had a very long tail (of demand).
The lines are drawn and will be watched.
Uncanny, but this appears to align at a time when equities are long in the teeth of a rally. What relationship this might bring is still open for interpretation. But I would personally leave it open for now, and let the market decide...
Gold appears to be bullish on breakout over the next couple of weeks.
And yet it bounced off hard, over the last week.
Relooking into the chart patterns, the cup (or handle rather) is redrawn and retimed. A new breakout level is also set in. This time, a better chance for Gold to recover is attributed to the bullish divergence seen in the RPM and MACD.
The weekly candle is also supportive with a consolidating week after the previous which had a very long tail (of demand).
The lines are drawn and will be watched.
Uncanny, but this appears to align at a time when equities are long in the teeth of a rally. What relationship this might bring is still open for interpretation. But I would personally leave it open for now, and let the market decide...
Gold appears to be bullish on breakout over the next couple of weeks.
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