GOLD 0.51% $1,391.7 gold futures

gold, page-988

  1. 4,183 Posts.
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    Two charts with some commentary:

    1. imo the pennant has changed! Instead of a downward sloping upwards support, it has changed to a horizontal support as of today.
    To be quite honest, i don't think it will re-test the bottom pennant support either. 29-4-16 a.PNG
    2. Sometimes when you hit resistance its a build up for a few periods and then retrace for a few periods after that. Refer to the last 3 years in gold, and also about a month ago when we tested $1,283 for the first time in ages.
    This current test of the $1,280 wants to hang around.
    Notice how it forms an upwards stair type of formation as opposed to a mountain peak.
    I think this is MUCH more stable, and i think we will break through $1,280 tonight and test $1,300-
    29-4-16 b.PNG
 
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