The following comments were made in the previous post on the daily bar chart pattern of Gold: "All three daily technical indicators are looking extremely overbought, which can lead to a price pullback towards the 1180 - 1200 zone. Bulls may take the opportunity to buy again."
Note that gold's price dropped inside the zone between 1180 - 1200 as expected, successfully tested support from the previous top of Oct '15, and then entered a sideways consolidation within a 'symmetrical triangle' pattern, from which an upward breakout occurred on Mar 3 '16.
The next day, gold's price touched a 52 week high of 1280 with a huge volume spurt, only to pullback towards the top of the triangle before bouncing up.
-- Note that gold's price dropped inside the zone between 1180 - 1200 as expected, successfully tested support from the previous top of Oct '15, and then entered a sideways consolidation within a 'symmetrical triangle' pattern, from which an upward breakout occurred on Mar 3 '16.
The next day, gold's price touched a 52 week high of 1280 with a huge volume spurt, only to pullback towards the top of the triangle before bouncing up.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2016/03/gold-and-silver-charts-long-term-bear.html
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