JohnLiv

This Month should see gold break out of it's descending wedge

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Since the start of September Gold has been in a descending wedge , but since the start of december it has also been in a ascending triangle , I see Gold going in one of a few ways:
1. Short to and breaking below the triangle and a possible return to the base of the wedge , probably around 1420. (dont want to think about this)
2. Short to and bouceing off the base of the triangle, forcing a break above both the triangle and wedge , (the one I favour most)
3. Breaking through the triangle and wedge Longing to 1517, (second favourate, would pul back from 1517 but is out of the wedge , unlike before)
Comment: Option 3 was taken out early, leaving options 1 and 2, today we should find out the option taken. Yesterday a long from 1471.6 to 1478 very much indictates a push North from the base of the triangle/wedge, around 1463.50-1468. I don't forsee a bounce and return now as the metal is now well compressed in the triangle/wedge.

Merry Christmas to all

Comments

Good analysis, I also believe that 1450 was the bottom and you can actually see clearer technicals if you study the technicals on the leveraged juniors and senior stocks. In reality, its only a matter of time before Gold breaks its high from this year of 1555ish as investors know what we are seeing in this equity market is nothing but a pure melt-up from QE.

I believe your #2 or #3 will occur. Wouldn't be surprised to finish right at the 1500 mark before the end of 2019.

- zSplit
+1 Reply
I favor seeing Gold to retrace to your 1420 mark
Reply
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