Tuesday, 4 August 2015
This post shows four technical measures favouring an impending rally for Gold. There are more bullish measures that I have not illustrated, such as extreme bearish sentiment. So yes, the trend is down, but a change of trend is on the cards.
Weekly chart shows another measure favouring a rally, namely trend channel support.
The final bullish measure is illustrated on the 15 minute chart, namely a very bullish short term Elliott Wave count. This chart zooms in on the action that many regard as a "triangle". It is plainly not a triangle, as triangles subdivide in to 3 wave moves, not the bullish structure we see here, namely 5 wave rallies and 3 wave declines.