A move to the top of the current 25-year channel suggests a rise to $3,000 p/oz gold.
Whether the top of the channel becomes resistance, or acts as a breakout level instead is a global macro question, I guess.
The direction of the market is as the direction of the economy, is as the direction of employment, is as the direction of the total population.
And the CCP will continue... until morale improves!
We are back at 2018 levels, and a recent double bottom, for Metalla Royalty.
When the downtrend is eventually broken, I expect a quick pop back to the longer-term trendline
A Long-term Symmetrical Triangle has influenced Chinese stock prices for decades. Breakouts have shown predictable price moves. We are now seeing the first Breakdown.
- 10-Year Support became Resistance earlier this year.
- A lower, parallel, 5-Year Support has broken down and looks to become Resistance as well.
If this downtrend continues, new all-time lows are...
Fascinating long-term pattern in emerging markets:
- 20-year Symmetrical Triangle
- breakouts from the triangle in 2017 and 2020, with runs to long-term resistance established in 2007-2008
- since 3Q-2021 a bearish downtrend, through the triangle has been created
- a pattern continuation suggests a breakdown out of the triangle, and down to $30, or possibly $27.50
The current channel in MLPA began April 2020, with the long-term resistance line crossed in January 2022. Bullish channel is now 3.5 years old and may be pushing to longer term key level at $48.50. If the price action moves to the top of the current channel, share price will approach $55.
However, beyond that, 8-year resistance at $60.
