Frustrating pattern to chart because it’s a pennant , a flag, and potentially right triangle. Although bullish patterns, they aren’t clear, which means gold could flag out for awhile longer. But it could also break immediately because by definition, a flag/ pennant /triangle require 4 touches, 2 top and bottom, and all these patterns are at the earliest breaking point.
Massive rejection candle on the weekly 9 Aug ( bullish hammer )
Breaking $1890 and hitting $1912 would be a very bullish sign (long term).
But that said, $1690 is still on the cards. And these patterns are messy, which means they might not be done.
Perhaps the reason it is hard to chart is because it’s none of these. It’s the handle of the cup. Which would resemble a curve, which this does, so far.
Sentiment is bullish , but unsure. But keeping funds on the side line for the
- break and retest the triangle
- potential $1690
- $1920+
But I took advantage of the pull back. And my long term sentiment is bullish . Just the short term I don’t know?
Massive rejection candle on the weekly 9 Aug ( bullish hammer )
Breaking $1890 and hitting $1912 would be a very bullish sign (long term).
But that said, $1690 is still on the cards. And these patterns are messy, which means they might not be done.
Perhaps the reason it is hard to chart is because it’s none of these. It’s the handle of the cup. Which would resemble a curve, which this does, so far.
Sentiment is bullish , but unsure. But keeping funds on the side line for the
- break and retest the triangle
- potential $1690
- $1920+
But I took advantage of the pull back. And my long term sentiment is bullish . Just the short term I don’t know?
