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2 years ago

Massive move in Gold

From an overnight low of $1143 to a high of $1221 equals a $78 move.
Extraordinary move! Shown on the Daily chart.

A clear close over $1200 is very bullish the Weekly chart is also an outside range.
This has a high probability of follow through should the price remain above $1200, which is now first
level of support.
Gold WTF!

 

The big picture on the Weekly chart shows 2 descending triangles complete as each pattern has 3 highs and 3 lows.
This daily move is significant as the weekly shows the move back into the triangle pattern.
The Weekly chart also shows a “higher low” sofar? this is not complete an requires diligent analysis.

Gold Weekly