Gold after completing an Inverse Head and Shoulders (blue chevrons) pattern (or a double bottom) is now moving along a descending resistance trendline from late 2012.
We believe that Gold is about to break up that trendline and begin a substantial move up toward 1380 and then 1430, for the following reasons:
1.During the last downturn in late May RSI14(weekly) managed to stay above 40 (green circle)
2.Bollinger Band width is extremely low (6,4).Every time, the last ten years, BB width was that low, it marked the beginning of a substantial move up.
We are about to find out soon...
We believe that Gold is about to break up that trendline and begin a substantial move up toward 1380 and then 1430, for the following reasons:
1.During the last downturn in late May RSI14(weekly) managed to stay above 40 (green circle)
2.Bollinger Band width is extremely low (6,4).Every time, the last ten years, BB width was that low, it marked the beginning of a substantial move up.
We are about to find out soon...
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