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After putting in what looks like a “Double Top” and hitting a Fibonacci target of $1,900, gold declined almost $300 per ounce and now has rallied to recover 38% of that decline.
During this recovery Gold looks to have created a bearish rising wedge, with the wedge coming to an end at Fib resistance and falling resistance line at (2). Odds are around two-thirds that Gold will move lower from here for a while.
cjk…I have GLD right at fallign resisitance and making, so far this morning, a bearish single day pattern.
cjk…not that I see at this time. SLV hit its 23% level…we like ZSL again.
Chris – GLD breakout? cjk
Great stuff again . . . am a regular follower of the blog, and appreciate the helpful charts and analysis.
Billy… will get you and update to the quick draw McGraw channel. At this time, 500 is at the top of the channel and VIX at the bottom…longer this pattern remains in place, the bigger the breakout! Russell 2000/IWM had a positive OBV breakout of late!
Per shorting gold from a different angle “DUST” shorts Gold miners, if you ever want to go that route.
Chris
Chris,
Anything better than GLL to play the inverse on gold?
Also, do you have an updated chart showing the rocking chair pattern (8-12%) channel we have been trading in for a while now?
Thanks for the great work!
Billy
Not to forget !!!cheers!!!
Hey chris ,
Gold cracks . Thanks a ton for the info provided prior .
Great job !!!