Thanks to docjay for pointing out that gold is nearing the downside target from our Dec 5 Update. A word of caution, though: GC is currently testing an important internal TL of support even as DX is testing important overhead resistance.
continued for members…
In other words, this is a potentially important test for GC that could produce a bounce back to the purple midline or the SMA200 — currently at 1278.
The line in question is the red, dotted line. Note, also, that 1125 would make for an excellent right shoulder for a large IH&S Pattern.
Note DX’s test of the purple midline. It’s pushing up past it, but I’m not convinced it’s ready to break out just yet. I expected it to wait until the next leg up after this correction.
Comments
One response to “Update on Gold: Dec 15, 2016”
Your slv chart was very helpful last time. In the end I had enough sense to sell but not enough to sell short.