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So, how low will Gold go?

Au-myn

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#1
Hello Gold friends,

Well, it has been a topic for the past several weeks. So, i'm going to throw in my 2 cents.

A short term P & F 3 x 12 scale was chosen as it defines the trend channels accurately and the formations are pretty much textbook.

The last pattern (Descending Triple Bottom Reversal) is currently holding at 1452, on its ST bearish support line. A bounce would set up another bullish formation.
A continued movement down to 1440 would violate the line and take us to the next support level. That would be 1392- worst case scenario.

I'm thinking 1428-1440.
 

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oldgaranddad

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#2
Funny you posted this, I was thinking $1430 myself but then again I am the worst at prognosticating prices.
 

arminius

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#3
Patience. It's a holding pattern, and it will get more beneficial soon, at least to the metals...