Long Term Rounding Bottom for Gold?
Through the use of the arc function, Gold shows a very nice rounding bottom, with key "touches" on the arc (a bending trendline if you will).
I see two necklines. A measured move from the bottom of arc to neckline extended up (via a breakout) takes us virtually to the upper neckline.
It's measured move (again from the bottom of the arc) would extend up well beyond the upper reading of this chart. I know many are looking
for another drop in Gold (and they may be correct), but from this chart's standpoint, we are coming off of a recent "trendline" touch now, and
would anticipate continuing to move up to test prior highs. At least, that's how I interpret it.
You might note several harmonics that did a great job of picking off the ends of various corrective moves against the apparent trend as we rounded
the bottom in Gold and started up. I currently have several AB=CD measures indicating a move to the 1260 area (smaller time frame, not shown on this chart.)
As always, comments welcome.
I see two necklines. A measured move from the bottom of arc to neckline extended up (via a breakout) takes us virtually to the upper neckline.
It's measured move (again from the bottom of the arc) would extend up well beyond the upper reading of this chart. I know many are looking
for another drop in Gold (and they may be correct), but from this chart's standpoint, we are coming off of a recent "trendline" touch now, and
would anticipate continuing to move up to test prior highs. At least, that's how I interpret it.
You might note several harmonics that did a great job of picking off the ends of various corrective moves against the apparent trend as we rounded
the bottom in Gold and started up. I currently have several AB=CD measures indicating a move to the 1260 area (smaller time frame, not shown on this chart.)
As always, comments welcome.