XAUUSD - New bull market or end of a trend?
Weekly chart seems to suggest a long term triangle formation that should now be complete (E)
Triangles form at the end of a trend or are found as continuation patterns. In this case it could be a continuation pattern from the $1900 high correction. If so, much lower prices should follow below $1000
* A sustainable break above the top triangle trend line will of course void this theory and any short positions for now.
Triangles form at the end of a trend or are found as continuation patterns. In this case it could be a continuation pattern from the $1900 high correction. If so, much lower prices should follow below $1000
* A sustainable break above the top triangle trend line will of course void this theory and any short positions for now.
Note
The sharp breakout above the top triangle trend line and break above the 2016 high at $1375 has ruled the long term triangle theory invalid. We will be going long now on junior mining stocks for the potential of a new bull market in Gold. * For a new bull market in Gold, I would like to see new highs being achieved fairy quickly and a test of the all time high at $1900
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