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Gold | Just Charts | 22nd March 2017

Gold | Just Charts | 22nd March 2017

Australian Gold Chart

US Gold Chart

|the Merchant

3 Comments

  1. Boudicca

    Hey Jack,

    Interesting Au chart. A couple of questions, please. 1) If you drew the bottom line from rate hike ’16 low to rate hike ’17 low,
    would this constitute a broadening wedge? A bearish pattern? 2) Does the gold price need to make a top at the channel top line
    for the current bullish run to have resumed? And what price would that be? (I tried extrapolating but my eyes aren’t that good).

    Thanks.

    Ps I tried to log on several times to the Chamber last night EST but was timed out.

    Reply
    • the Merchant

      Hi Boudicca, gold can easily retest $1500AUD. Or make a double bottom. Technically a bull run consists of higher highs and higher lows. If we get a lower low then Dec 2015 then most chartists would agree the bear is resumed. I must say that patience is going to be the winner here. The market is becoming unpredictable because it’s less and less natural. That is why I have been hammering on trading skills instead of predictions. Wait for the lows. Sell the highs. In the background the banks appear to be pulling strings which are not yet apparent. So for a while now I’ve just relied on trading skills. The US stock market should continue falling. If it’s doesn’t then gold miners will be sold off heavily. Even if gold remains stable.

      Reply
    • the Merchant

      Oh yes. The site was down yesterday. May need to change hosts.

      Reply

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