Tuesday, 30 October 2018

Gold at back-test of pitchfork failure line in USD and also at resistance in GBP.

Gold is very close to its back-test of pitchfork failure line from a pattern in force since 2015. Maybe it already happened. Maybe a push to around $1250 would complete it:

It's always difficult to nail these patterns exactly, since it depends if you take daily or weekly charts and if you take intraday or closing prices as the pivot points.
The weekly chart says the high might already be in:
gold pitchforks chart weekly bear market 20181024 26
A little mischief with the above chart might suggest a $970-980 target:
gold possible bear market target on channel doubling Andrews pitchforks 970
Meanwhile, back at the ranch, gold in GBP (pounds) has just nudged to or into the resistance zone above 960; another back-test perhaps? Coincidence?
gold GBP hit 970GBP in resistance zone 960plus
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1 comment:

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10 June 2019 at 04:34

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