Multiple angles and boxes are converging at this point. Equal waves up cherry on the top. Looking to short here. If not, I'll catch the bulk of the move down by entering at 1254.
Remember:
BE PATIENT
WAIT FOR THE PERFECT SIGNAL
BULLS EAT, BEARS EAT, PIGS GET SLAUGHTERED.
60% OF THE MOVE IS BETTER THAN 0%!
There is not much explanation needed.
3 large signals at the same level have been triggered today for major resistance.
Look further back to where they have come from.
Time cycles confluencing here too.
Break above 98.22 should invalidate these signals and trigger another run up.
A short here would have a massive risk-reward.
Good luck
Gold is in a long term downtrend: FACT.
We are in a pivotal moment where this downtrend will be confirmed or rejected and the EW Triangle is complete in the next week.
Breaking the angle up here (the angle that caused yesterday's low and sharp upwards movement) will cause gold to collapse.
If indeed the angle holds and price breaks back above the BD trendline,...
Gold has re-tested the B-D trendline. A daily candlestick close below B-D Trendline will confirm that the E wave of triangle completed at the 1345 high and a 5 wave downwards movement has commenced. Downwards movement out of triangle started rather slowly, not typical when exiting a triangle, suggesting that we are still in the final E wave and have just completed...
