August Gold Developing Thrust For A Shot At $1424

August 11, 2016

The ABC pattern shown is ugly enough to be useful, especially since it has already gifted us with a ‘counterintuitive’ buy signal at the green line that could have been worth as much as $900 per contract if traded. All of the ‘external’ peaks on the hourly chart have been used up. Therefore, we’ll bide our time waiting to see whether buyers can power this vehicle past the target. If so, it would imply that a larger pattern with the potential to reach 1424.60 is in play. Here are the coordinates on the 240-minute chart: A=1259.10 on 6/23; B=1368.90 on 6/24; and C=1314.80 on 6/28.  

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