Interesting Observation!
Updated
2018 May Be The Year To Buy And Hold Gold. In The Past Just before Gold Makes Its Bullish Run, It Forms And Eventually Breaks Out Of A Triangular Basing Pattern. At The Present Time, It's Doing The Exact Same Thing! You Will Also Notice That It's Current Basing Pattern Is Much Bigger Than All Of Its Previous Triangular Basing Patterns ("The Bigger The Base, The Higher In Space").
Furthermore, Take A Look At The Blue Arrows On The Chart And You'll Notice That The Price Of Gold Has Not Been Able To Close Above 1321-1326 Level Since November 2013 (On A 2 Month Chart). Presently We Are Sitting Roughly 30 Points Above That Level With 2 Weeks To Go For The Start Of The Next 2 Month Candle.
If These Levels Can Hold And Close Above The 1326 Price Point Month Ending, Then All Bets Are On For Gold!
Furthermore, Take A Look At The Blue Arrows On The Chart And You'll Notice That The Price Of Gold Has Not Been Able To Close Above 1321-1326 Level Since November 2013 (On A 2 Month Chart). Presently We Are Sitting Roughly 30 Points Above That Level With 2 Weeks To Go For The Start Of The Next 2 Month Candle.
If These Levels Can Hold And Close Above The 1326 Price Point Month Ending, Then All Bets Are On For Gold!
Note
Isn't it funny how the last 2month candle closed at 1317.94 just below the critical level I previously mentioned (1321-1326). I've read quite a few editorials that make mention to the price of gold being manipulated by various banks; in order to keep the price low so they can accumulate the precious metal at a cheap price. At first I was skeptical about these articles but the close of this last 2month bar has made me a true believer. In any event, I'm waiting to see where this new 2month candle closes. As mentioned before if it closes above 1326 level, then this is confirmation for me to go long gold for the long term.
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