This is relatively simple post idea. We have two formation. One is a multi-decade pattern in blue and one is a muti year pattern in orange. Simple fib draws show both have reached full performance.
We can also see that the RSI is in the process of setting a lower high. This reenforces my bias that Gold will be having a very serious pause right now. Just how intense remains to be seen. But a retrace to retest the previous cup and handle support as resistance would be a very normal movement for support and resistance traders. that would be a ~40% pull back from here. Very painful for people looking for momentum.
Provisionally I am keeping this draw on the GoldSilver ratio. Whether this means Gold will fall faster than silver or gold and silver diverge remains to be seen.
It also doesn't help that the news cycle has picked up on the gold move way too late. Of course.
We can also see that the RSI is in the process of setting a lower high. This reenforces my bias that Gold will be having a very serious pause right now. Just how intense remains to be seen. But a retrace to retest the previous cup and handle support as resistance would be a very normal movement for support and resistance traders. that would be a ~40% pull back from here. Very painful for people looking for momentum.
Provisionally I am keeping this draw on the GoldSilver ratio. Whether this means Gold will fall faster than silver or gold and silver diverge remains to be seen.
It also doesn't help that the news cycle has picked up on the gold move way too late. Of course.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.