The Gold Odyssey - Down and then Uppish Part II
From the last post, I took a second look, and zoomed out a lot more. Then I found another set of reasons for the down and uppish outlook that I can share with everyone...
You see, it appears that there is a set of similar technical conditions that occurred in December 2018, that also presented similarly in December 2022.
From a recent double top lower high stalling consolidation range, about 7-8 months later, the technical indicators present a similar upside trigger, which includes a breakout above the 23 week EMA, that is accompanied with MACD and VolDiv crossovers. Noted similar up triangle triggers that represent underlying combination of certain technical indicator conditions.
Furthermore, at the current time, it can be well expected that the price action should be checking in with the 23 week EMA before the real bullish rally launch.
Now, this may take till May to form up and then launch. So heads up, watch MAy 2023 for Gold prices to rally.
You see, it appears that there is a set of similar technical conditions that occurred in December 2018, that also presented similarly in December 2022.
From a recent double top lower high stalling consolidation range, about 7-8 months later, the technical indicators present a similar upside trigger, which includes a breakout above the 23 week EMA, that is accompanied with MACD and VolDiv crossovers. Noted similar up triangle triggers that represent underlying combination of certain technical indicator conditions.
Furthermore, at the current time, it can be well expected that the price action should be checking in with the 23 week EMA before the real bullish rally launch.
Now, this may take till May to form up and then launch. So heads up, watch MAy 2023 for Gold prices to rally.
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