January 27, 2017

  • Last chart the weekly time frame shows a possible rising wedge pattern. Price for now is staying outside the pattern. If price falls back into the pattern then it may affect the Bullish trend in daily and lower time frames.
  • False spikes out of Rising wedge usually lead to fast moves on the opposite side. so its crucial for google bulls to keep price outside the Rising wedge as it is now.
  • Daily chart is testing a resistance line as shown in first chart.
  • Crucial support area to keep the bullish trend intact in daily time frame is 838.
  • GOLD Trend update
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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore