Golden Wedgie
Updated
Gold futures broke below support, appears to be forming a wedgie.
Expecting a bounce if it hits the bottom trendline or if it breaks the upper one. Probably a backtest of support.
Long term it's forming a 2 year pennant. Do not expect it to double bottom.
Expecting a bounce if it hits the bottom trendline or if it breaks the upper one. Probably a backtest of support.
Long term it's forming a 2 year pennant. Do not expect it to double bottom.
Note
Appears to have broken the upper trendline, but fell back below support, looks to be back testing the trendline, probably bailing out today.Note
Bailed on the back test while I'm even. Don't like the way this looks, appears we'll get a bounce up on the oversold condition before we see the next drop.Based on charts the next drop is anywhere between 2 - 4 weeks away.
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