Gold Chart Telling Us a New Move Up Coming?
We haven't talked about gold in much detail lately. The thing is, gold's price has been more or less "floating" since September 2011 between a high and low. I've been expecting nothing more than a "range-bound" price between 1575 and 1925, and that's more or less what we've seen for a while. I don't think we'll see any serious rise in the price until it breaks above 1925, the high for this grand bull market.
On the other hand, recent price action has been positive, so I'm wondering whether we might be working our way to that high.
So here's an update on that interesting action lately. It's telling us that if gold rises to 1720, there's no more resistance to the upside, which means that gold "should" go higher. (Check that descending diagonal red line on the right - it terminates at 1720.) If it stays under 1720 in the coming days and weeks, well, it's probably going to stay in its range for the time being.
On the other hand, recent price action has been positive, so I'm wondering whether we might be working our way to that high.
So here's an update on that interesting action lately. It's telling us that if gold rises to 1720, there's no more resistance to the upside, which means that gold "should" go higher. (Check that descending diagonal red line on the right - it terminates at 1720.) If it stays under 1720 in the coming days and weeks, well, it's probably going to stay in its range for the time being.
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