Here's a daily chart of gold metal, today's rally takes out the
downtrend line, however gold could be forming what looks like a
bearish rising wedge and there is negative divergence in
place. Today's rally simply takes gold higher in the wedge
and does not negate the pattern
Good point Matt, think I'll hold off on throwing in the towel on
the gold bear case until we see how that wedge plays out....
that would make a perfect bull trap setup, break above downtrend
line, but then wedge failure just above the downtrend line.
Ah, the perverse logic of the markets....
New subscriber.......What settings are you using for the gold
chart? I only see gold in a rising channel and not a
rising wedge.......Is it a log chart or the bar spacing or
what??
Thanks Matt....I see it now......Learning so much......Cancelled
all my other subscriptions(no pressure....lol)........You guys are
the best.....cheers Paul
Posted by hornsant on 11th of Feb 2009 at 05:35 pm
You can say that it is toppy because you see a wedge but
please notice that there is a very bullish triangle that is about
to burst to the upside with a huge potential well above 1000 $. A
little retracement of the wedge would make it even better.
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Gold Metal - rising wedge?
Posted by matt on 11th of Feb 2009 at 02:50 pm
Here's a daily chart of gold metal, today's rally takes out the downtrend line, however gold could be forming what looks like a bearish rising wedge and there is negative divergence in place. Today's rally simply takes gold higher in the wedge and does not negate the pattern
Gold daily chart
Good point Matt, think I'll
Posted by homer on 11th of Feb 2009 at 03:16 pm
Good point Matt, think I'll hold off on throwing in the towel on the gold bear case until we see how that wedge plays out.... that would make a perfect bull trap setup, break above downtrend line, but then wedge failure just above the downtrend line. Ah, the perverse logic of the markets....
GOLD CHART
Posted by bullau on 11th of Feb 2009 at 04:01 pm
Matt,
New subscriber.......What settings are you using for the gold chart? I only see gold in a rising channel and not a rising wedge.......Is it a log chart or the bar spacing or what??
Thanks.
Paul
bullau - hello and welcome! Yes
Posted by matt on 11th of Feb 2009 at 04:12 pm
bullau - hello and welcome! Yes I'm using a log chart, here's a dynamic link that you can use.
Now regarding the uptrend channel, yes you can draw that too, here's another chart of gold , see the uptrend channel
Thanks Matt....I see it now......Learning
Posted by bullau on 11th of Feb 2009 at 04:36 pm
Thanks Matt....I see it now......Learning so much......Cancelled all my other subscriptions(no pressure....lol)........You guys are the best.....cheers Paul
Gold
Posted by pdquig on 11th of Feb 2009 at 03:52 pm
Feels toppy to me, too, but did anybody happen to notice the "Golden Cross" today?
You can say that it
Posted by hornsant on 11th of Feb 2009 at 05:35 pm
You can say that it is toppy because you see a wedge but please notice that there is a very bullish triangle that is about to burst to the upside with a huge potential well above 1000 $. A little retracement of the wedge would make it even better.