After Your Recent High - Where to Now, Gold? | Metals Mine

  • After Your Recent High - Where to Now, Gold?

    From sunshineprofits.com

    Gold is suffering a hang-over after it’s early January highs, while the EUR/USD pair is buckling - so when gold declines, where will its bottom be? After injecting itself with Janet Yellen’s stimulus sentiment, gold came down from its highs on Friday (Jan. 22). And like the GDX ETF, it’s important to put gold’s recent run into context. For starters, gold is still trading below its August declining resistance line, it topped at its triangle-vertex-based reversal point (which I warned about previously) and the yellow metal remains well-off its January highs. Looking at the chart below, we can see gold ... (full story)

Comment Options
Trader#8AEE
Jan 25, 2021 3:32pm
Permalink
Again I would say great work, but not necessarily correct. But this time I will tell you directly (using an objective measure) why you and anyone of the same mind as you, might want to reconsider your very nice "pattern" comparison (i.e. your key assumption or thesis in your projection). Please look at the weekly chart for the same exact periods that you sketch on the daily. The weekly was correcting lower in November but it is now reversing the same exact move in January. Looking at D1 would make you think history is repeating itself but looking at the weekly (which accumulates the daily) you will see that in fact history is reversing itself. The daily is a fracture of the weekly and thus the weekly allows you more detail than the daily (I mean this in terms of what fractal geometry calls lacunarity). But simply put, a good reason to reconsider your analysis is just that the "trend" in November is not the "trend" active in January and you can only see this by looking at the weekly. If you agree this is correct after visual inspection of the 2 time frames then you cannot logically expect the same outcomes regardless of how the not yet fully updated "patterns" you are comparing look. Will not take 5 minutes to see my point by visual inspection of weekly and daily for the periods cited. Happy trading.

The Crow (_-_)
Reply
Trader#4F16
Jan 26, 2021 8:12pm
Permalink
I doff my hat. You appear at this point to be very right and me very wrong. Here is the thing, I saw that exact same "pattern" you did but checked with WK1 and concluded that since WK1 was going up at that point, the "pattern" seen will not play because in the November case, WK1 was clearly in a downtrend. What appears to be true at this point, is that the WK1 upness I used as a filter, is not confirmed and the rise in that time frame has clearly turned down at this point to align with the fractures its left on the feed. Great job and best wishes.

The Crow (-_-)
Reply
  • Story Stats