Gold Tell

Gold Just Gave a Tell that it's Likely to Keep Megaphoning Across 1250

Gold Just Gave a Tell that it’s Likely to Keep Megaphoning Across 1250

Gold just tagged the bottom of its red rising megaphone and may break the bottom by a bit. That means gold just ruined its chances of forming a proper head and shoulders top inside the red rising megaphone.

That would usually mean gold is settling in for extended megaphoning across 1250, and that would usually mean a triangle is forming (green scenario).

The purple scenario is gold abandoning the red rising megaphone to form a simple or complex head and shoulders top across 1250 for the move up from the December 2016 low.  That would usually set up a crash to the bottom of the big navy blue megaphone.

The purple scenario is unlikely, but if you see it, that crash into the 700s  would be a strong set-up for a fast move to at least the navy blue megaphone VWAP and most likely its top.

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