Chart 1. Gold Daily: Second to Win but First to Hold
Chart courtesy of tradingview.com
The top metal has was just $4 from reaching the target of $1307 which was set in my March post. It had reached a high of $1303 on May 2nd before it started a one-month long correction anticipated in the same post. The depth of the correction is minimal at 38.2% and is well above the normal retracement area within the 50-78.6% range ($1176-$1101) highlighted in the March post. Continue reading "Gold & Silver: First Pullback"→
Today when I saw that precious metals started to rise after a correction I detected on the charts my favorite pattern called the Bull Flag. This pattern can change the targets depicted in my earlier gold and silver posts, better say enrich them.
Do you know how to tell if a market has topped out? Has it hit the bottom? If you know how to look at your chart and pick out a flag or symmetrical triangle pattern, you may have your answer and be able to react accordingly.
In the seventh Trader’s Whiteboard Lesson, Adam illustrates two key continuation patterns that will tell you if the market has had a little hiccup or if it will be staying down for quite a while.
Watch today and add this tool to your “trading toolbox”.