Gold has a passion for rising flag & overspill in s/t downtrend
Updated
This pattern seems to appear over and over again on hourly/minutes timeframes when Gold is in a short-term downtrend. The last two weeks captured here is just another example. Will the history repeat itself in the next 24-36 hours taking Gold down to the $1,300-ish area?
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Now it appears that the falling flag (green lines) is in fact in play. Let's see what happens next...Comment
Pretty much right after my original post Gold changed its mind and started printing a steep falling flag on hourly (bold blue borders (B B B) on the chart below). There is also a larger scale falling flag (wedge?) developing since Sep 22 (bordered by the thin red lines). The fact that both flags are falling, combined with the apparent divergences on hourly for the three indicators on the chart (all originating from approximately the same point in time since early last week), gives hope that the bottom could be near (and soon).
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Below is not Gold but, obviously, very related. Third time is a charm?Comment
Again Gold related.Are we on the way to close the gap? ...(and then some more)
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Further update to the potential pattern in JNUG:However, I have to acknowledge that the idea is not quite mine. My thanks goes to SalN here for spotting the set up today:
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Wouldn't it be ironical...Comment
Another potential rising flag on hourly?
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