Friday, August 11, 2017 12:58:49 AM
Gold is clearly at a triple top after being in an uptrend, so I started reading about triple tops and it is seen primarily as a reversal pattern.
Some articles suggest that it may retrace back to it's original price when it started the uptrend. Essentially forming a double bottom.
https://tradingsim.com/blog/how-to-trade-triple-bottoms-and-triple-tops/
I know a lot is going on with the political stuff, but all in all the chart is still at a triple top and hasn't blown past it just yet.
Just like any pattern, it needs confirmation. Looks like price needs to drop below the blue line 1204 to confirm that it will probably drop back down to 1110 again.
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