Gold Being Accumulated?
Gold has been forming a base since 2013 that may be resolving itself. Looking at the wcykoff phases we have potentially seen a Last Point of Support ( LPS ) and am currently seeing the markup in phase D. There is diminishing spread and volume on backups and Signs of Strength (SOS) on rallies. On the volume RSI we see negative divergence sowing supply being absorbed at lower prices below the midpoint of the range (Preliminary Support - PS). Gold Stocks could be the ones to watch going into 2019.
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