Gold is in a long term downtrend: FACT.
We are in a pivotal moment where this downtrend will be confirmed or rejected and the EW Triangle is complete in the next week.
Breaking the angle up here (the angle that caused yesterday's low and sharp upwards movement) will cause gold to collapse.
If indeed the angle holds and price breaks back above the BD trendline, goldbugs will gain much more confidence.
They should be very afraid right now.
Target levels are calculated by measurements of previous swings.
We are in a pivotal moment where this downtrend will be confirmed or rejected and the EW Triangle is complete in the next week.
Breaking the angle up here (the angle that caused yesterday's low and sharp upwards movement) will cause gold to collapse.
If indeed the angle holds and price breaks back above the BD trendline, goldbugs will gain much more confidence.
They should be very afraid right now.
Target levels are calculated by measurements of previous swings.