Saturday, February 18, 2017 8:29:00 PM
A lot of credible people are posting a lot of articles etc. that suggests a collapse next month, but I just don't see it from the charting side of it all. Does anyone see a technical pattern that would suggest otherwise?
A look at the weekly gold in comparison to the RSI
On the weekly chart the initial bounce normally fails to put in a new weekly high before it ends up putting in a new weekly low.
https://invst.ly/3aqx1
Spy weekly chart. No doubt a pullback/correction is due, but the technical chart doesn't suggest that it will be "the big one".
https://invst.ly/3arbl
Daily gold chart
https://invst.ly/3arcs
From a technical point of view, gold really needs to break out above the 200MA on the daily chart and maintain it for gold to go higher, otherwise there is a lot of charts that say a new low could be coming.
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