Since the start of September Gold has been in a descending wedge, but since the start of december it has also been in a ascending triangle, I see Gold going in one of a few ways:
1. Short to and breaking below the triangle and a possible return to the base of the wedge, probably around 1420. (dont want to think about this)
2. Short to and bouceing off the base of the triangle, forcing a break above both the triangle and wedge, (the one I favour most)
3. Breaking through the triangle and wedge Longing to 1517, (second favourate, would pul back from 1517 but is out of the wedge, unlike before)
1. Short to and breaking below the triangle and a possible return to the base of the wedge, probably around 1420. (dont want to think about this)
2. Short to and bouceing off the base of the triangle, forcing a break above both the triangle and wedge, (the one I favour most)
3. Breaking through the triangle and wedge Longing to 1517, (second favourate, would pul back from 1517 but is out of the wedge, unlike before)
Note
Option 3 was taken out early, leaving options 1 and 2, today we should find out the option taken. Yesterday a long from 1471.6 to 1478 very much indictates a push North from the base of the triangle/wedge, around 1463.50-1468. I don't forsee a bounce and return now as the metal is now well compressed in the triangle/wedge.Merry Christmas to all
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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.