Monday, June 1, 2015

Gold chart is interesting

Saw some doomy gold commentary this weekend from a certain TA who will remain nameless.

So I laugh at the chart we're presented with this morning:

Because, if gold holds up today, then those 4 candles circled in pink are what is called an "island reversal".

Especially cos they're under that thar blue line.

So, if it happens that gold holds and goes up from here, very soon we can all laugh as we watch Mr. TA walk back his gloomy gold outlook.

Far as I'm concerned, this chart is showing me a 3-month channel of higher highs and higher lows.

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