This is my EW count for gold and silver. The blow-off top in silver makes me think this correspond to a wave (5). Typical of commodities …
If you look at the chart of gold, you can see the struggle with the 2011 trendline and the lower trendline. Price is just been squeezed right at the corner.
We have coiling price action that is soon to face the moment of truth.
The price may go lower again to touch that support line, and if they do the point at which they
find support may be revealing. We may finally get the long anticipated breakout higher.
We are dealing with probabilities here and P2 can still go lower … without invalidating the count.
Again gold and silver were smacked down lower ahead of the FOMC meeting so that when assets, including the precious metals, rallied after the Fed did nothing they would not challenge key overhead, breakout resistance. Let see if the jawboning will work again till the next meeting ...
If you look at the chart of gold, you can see the struggle with the 2011 trendline and the lower trendline. Price is just been squeezed right at the corner.
We have coiling price action that is soon to face the moment of truth.
The price may go lower again to touch that support line, and if they do the point at which they
find support may be revealing. We may finally get the long anticipated breakout higher.
We are dealing with probabilities here and P2 can still go lower … without invalidating the count.
Again gold and silver were smacked down lower ahead of the FOMC meeting so that when assets, including the precious metals, rallied after the Fed did nothing they would not challenge key overhead, breakout resistance. Let see if the jawboning will work again till the next meeting ...
