This analysis has a time horizon of short/medium term. Support break at the current session with a bearish bar after a change in behaviour out of the pattern ( bar chart not shown). Will we see a follow-through or lack of it at the next session or two ? If we did,that would give us further clues to where the Gold may be headed in the near/medium terms.
Regardless of the follow-through, we now have a completed pattern which enables us to take a count for estimating the extend of the current down move which is shown on the chart. A follow-trough in the next few sessions would then suggest a potential retest of it’s 2017 lows. Prior to this, it must break the support levels as marked with Red support lines.
Time again to watch quality ASX listed Gold stocks from here on until November/December. My watchlist include : NST,EVN,SBM,RSG,SLR,NCM to name some.
Disclosure : Not a holder of any stocks mentioned.
Chart is courtesy of http://stockcharts.com/
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