If we look at the chart above shows the first handle of the cup during the period of consolidation up to now has not been touched (dashed red line) where the price has been stopped @ $1,345 to form the second cup's handle (dashed black line).
I looked at that @ $1,392 and $1,345 tends to form a Double Top with a valley @ $1,240 with the possibilities for pullback @ $1,275/80 and if the valley breakout it will bring gold to the first target around $1230/25.
When prices turned down from $1,345, the price movement also has formed a Double Top with the valley @ $1,280 with a Downward target to around $1,250/45 with the possibility of pullback level @ $1,275/80. So at least @ $1,275/80 it's may be a pullback level.
Now the price has moved below 50% (around $1295) and 62% (around $1,270) on average of the height of the cup. Does this indicate that my GPS is still good ? I'll wait and see then come in to that area.
Frm the desk of newbie
I looked at that @ $1,392 and $1,345 tends to form a Double Top with a valley @ $1,240 with the possibilities for pullback @ $1,275/80 and if the valley breakout it will bring gold to the first target around $1230/25.
When prices turned down from $1,345, the price movement also has formed a Double Top with the valley @ $1,280 with a Downward target to around $1,250/45 with the possibility of pullback level @ $1,275/80. So at least @ $1,275/80 it's may be a pullback level.
Now the price has moved below 50% (around $1295) and 62% (around $1,270) on average of the height of the cup. Does this indicate that my GPS is still good ? I'll wait and see then come in to that area.
Frm the desk of newbie
