GOLD - Is Topping

We think that there could be a lot of downside in the pipeline for Barrick Gold and here it has printed what appears to be a mini blow off top out of a bearish ascending channel.

Hitting the 0.5 retracement and gapping up through the 200DMA, this looks ripe for a reversal.

If dollar shows strength and also markets crash then this could have quite a big fall from here.

As always we are looking at this type of thing every day 👍🏻.

Not advice.

Комментарий:

Another ascending channel here - going nowhere.

This may have another probe higher out of the bearish channel perhaps to hit the 0.618 but whichever, it should have a long fall ahead and down the road we have targets all the way down to $3. We'll see.

Комментарий:

Topping out just shy of 0.618

Bearish bite returns.

We'll be looking at this closely to see how deep it can go.

Комментарий:

GOLD is holding this area well and rebounded to find support on 2011 and so this effectively nullifies the potentially bearish patterns shown before.

Also my thesis for a GOLD slump was also based in a DXY bounce, but DXY is looking bearish currently.

FOMC announcement later today could shake things up, but right here this could actually be the beginnings of the next GOLD bull market.

Комментарий:

I posted the previous update on the wrong chart, but anyhow Barrick GOLD is also finding support and although there has been bearish looking ascending channels the previous ascending channel pattern separated into a shallow descending channel and so it is now holding the area well.

GOLD also holding well, indexes potentially turning bullish and dollar looking bearish, this could move on up from here.