Of all the names I'm following GOLD is one that I'm currently most unsure about.
The yellow contracting trendlines, green horizontal band and pitchfork all offer different possibilities.
At first the pitchfork seemed the most obvious direction to complete an ABC zig zag down to 1500 area, but price has drifted sideways and if it continues in this direction, the pitchfork will be pretty much invalidated once price crosses the thick grey upper median line.
Then we have the yellow trendlines of the contracting triangle. If price can continue on up this lower trendline, it could breakout to the upside at some point, possibly towards the apex.
But then there is also this green horizontal band that has contained price for significant time. If price continues in this band , it could be a bearish signal and could also be forming a descending triangle with the upper yellow trendline - which could lead to a rolling ball falling off a table perhaps around the blue circle near that apex.
So I'll be waiting to see a bit more.
Not advice.
The yellow contracting trendlines, green horizontal band and pitchfork all offer different possibilities.
At first the pitchfork seemed the most obvious direction to complete an ABC zig zag down to 1500 area, but price has drifted sideways and if it continues in this direction, the pitchfork will be pretty much invalidated once price crosses the thick grey upper median line.
Then we have the yellow trendlines of the contracting triangle. If price can continue on up this lower trendline, it could breakout to the upside at some point, possibly towards the apex.
But then there is also this green horizontal band that has contained price for significant time. If price continues in this band , it could be a bearish signal and could also be forming a descending triangle with the upper yellow trendline - which could lead to a rolling ball falling off a table perhaps around the blue circle near that apex.
So I'll be waiting to see a bit more.
Not advice.
Your FA guru can't read a chartš
I run a technical group with lots of content every day + regular videos, 1:1, chatroom š.
Better than all the rest? My record speaks for itself š”.
Telegram Group: $50 per monthāØ.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom š.
Better than all the rest? My record speaks for itself š”.
Telegram Group: $50 per monthāØ.
Contact: t.me/dRends35
Related publications
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.
Your FA guru can't read a chartš
I run a technical group with lots of content every day + regular videos, 1:1, chatroom š.
Better than all the rest? My record speaks for itself š”.
Telegram Group: $50 per monthāØ.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom š.
Better than all the rest? My record speaks for itself š”.
Telegram Group: $50 per monthāØ.
Contact: t.me/dRends35
Related publications
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.