Gold Still Heading Up

Gold is Putting in a False Top Near its April 17 High but is Highly Likely to Go Higher

Gold is Putting in a False Top Near its April 17 High but is Highly Likely to Go Higher

Gold has formed a new megaphone across 1250ish and has reached the level of the previous April 17 high within this megaphone. A price would often put in a false top here and retrace as far as VWAP at 1250-51ish before heading up to a new high for the megaphone.

The pink rising megaphone on the chart strongly suggests gold will head up to at least the top of the potential red triangle (that triangle bottom is likely to be redrawn).

If gold makes it as far as the blue megaphone top I’ll be redrawing the most likely scenarios.  Right now the green is such a strong favorite I’m not cluttering up the chart with others.

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