A "Pet Rock" to some, the only "True Money" to others.. Gold has done well the past 6 months; Largely due to all the Global Uncertainty. Many call Gold an Inflation Hedge, I view it more as "Uncertainty Insurance".
A) Gold closes above the Weekly Kijun, and successfully re-tests it from the upside, holding; The first sign of life for the Bulls.
B) Gold spends two weeks butting it's head up against the Double Top Forecast Line, breaking through and closing above on week 3; Bulls officially running the show.
From which point it breaks up through the Cloud, tests the Monthly Double Top Forecast Line (Red), and rejects back down to the Cloud, performing an E2E, finding support at SSA before closing back up and over the Cloud.
C) Gold BLASTS through the Monthly Forecast Line, on a GIANT "Squat" Candle (Bill Williams theory), and tests the newly broken Forecast Line successfully. Pushes up into that now triple top region, and has since come off a touch.
D) Represents the likely downside target, should Gold fail to hold above the Monthly Forecast Line, it's the Weekly Forecast Line off the Sept '22 Lows, as well as the Cloud; Call it ~1850
E) Should the Weekly Forecast Line fail to hold, the Monthly Forecast Line would be the next likely target, ~1700
Below that, we're likely in some type of catastrophic Global Depression, where everything but the kitchen sink is being sold for Liquidity/Survival.
Above this ~~2280 Triple Top... The sky is the limit. 2500+ is easy to imagine. Arguments can be made for 3k, 5k, 10k, etc etc. Should the BRICS+ succeed in creating a Gold Backed new Reserve Currency...There's no telling where the price of this "Pet Rock" could go. Particularly since the world is sitting on 400T in debt.
As always, have fun, be safe, and practice solid risk management.
A) Gold closes above the Weekly Kijun, and successfully re-tests it from the upside, holding; The first sign of life for the Bulls.
B) Gold spends two weeks butting it's head up against the Double Top Forecast Line, breaking through and closing above on week 3; Bulls officially running the show.
From which point it breaks up through the Cloud, tests the Monthly Double Top Forecast Line (Red), and rejects back down to the Cloud, performing an E2E, finding support at SSA before closing back up and over the Cloud.
C) Gold BLASTS through the Monthly Forecast Line, on a GIANT "Squat" Candle (Bill Williams theory), and tests the newly broken Forecast Line successfully. Pushes up into that now triple top region, and has since come off a touch.
D) Represents the likely downside target, should Gold fail to hold above the Monthly Forecast Line, it's the Weekly Forecast Line off the Sept '22 Lows, as well as the Cloud; Call it ~1850
E) Should the Weekly Forecast Line fail to hold, the Monthly Forecast Line would be the next likely target, ~1700
Below that, we're likely in some type of catastrophic Global Depression, where everything but the kitchen sink is being sold for Liquidity/Survival.
Above this ~~2280 Triple Top... The sky is the limit. 2500+ is easy to imagine. Arguments can be made for 3k, 5k, 10k, etc etc. Should the BRICS+ succeed in creating a Gold Backed new Reserve Currency...There's no telling where the price of this "Pet Rock" could go. Particularly since the world is sitting on 400T in debt.
As always, have fun, be safe, and practice solid risk management.