Golden Wedgie
Updated
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.
Comment
Appears to have broken the upper trendline, but fell back below support, looks to be back testing the trendline, probably bailing out today.Comment
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.