Clear head and shoulders pattern indicating to me that the gold price will head lower with a target of $1225/oz which corresponds nicely with the medium term support line. Then onwards and upwards from there later in the year.
The current bull run in the dollar could be coming to an end by the latest 2021. By thenwe should see a strong reversal in the DXY as the Fed likely eases to avoid the coming forecast recession. Prepare accordingly by amassing hard assets such as gold, silver and other commodities.
Platinum to Palladium ratio at historical low inside a descending terminal wedge. Key signal that higher Platinum and lower Palladium prices are due in the next phase of the move.
Long Platinum and Short Palladium here.
Gold at a cross road again.
To break up higher from hear would signal a re-emergence of the upward short term trend and signal another attempt about the horizontal resistance area of 1350-1380.
A failed move higher would signal lower prices for 2019.
So Gold broke the upward trend line it has been in since 2016. Now the price now has two options.
Perform a dramatic bounce above 1250 and stay above the trendline and recommence its upward trend.
Or more likely bounce and touch just below the trendline and test another fibonacci retracement line down lower.
It appears to be more likely the re-emergence of...
Downward point triangle indicates downward pressure, followed by a reversal in trend and a large upward correction.
Similiar longer term pattern in playing out with large downward pressure, followed by a reveral in trend and large upward correction possible to follow?
However first Gold must not break the upward supporting trendline otherwise this idea is void....