Below is a technical analysis of gold. Please don’t shoot the analyst. As you know, several factors could counter this trend that seems to have started, and I may be wrong. I would even say I’d be glad to be wrong. First, here is a big picture of the gold chart in US dollars, on which we can see Fibonacci fans radiating since the start of the bull market. Curiously, we can see on this chart that the bull market started in 1984. There has been an upward push of gold, along with resistance that stopped its rise five times between 1984 and 1988, and that was tested again in 2011. The other Fibonacci fans of this rise initiated in 1984, have also been usedsince then. If you look at the bullish rally that followed the severe decline in price in 2008, there is a fan (dotted line) on which there has been no pullback in 2008. I think we’re going to get this pullback in the leg of decline to come, in order to better consolidate the rise that will follow. The bi...
from GoldBroker.com https://www.goldbroker.com/news/gold-ultimate-decline-that-will-generate-energy-for-coming-rise-1404
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