WTF Chart of the Day: Gold Bugs Refuse To Give Up
By LawrenceI posted about gold back in mid Sep. Time to review what happened since.
The inability of gold holding 1320 points to a drop to the next target zone below.
How do we tell where a target zone is?
The area highlighted by the red rectangle is a chart pattern called pocket. It has a high probability to be tagged again no matter how far the price has moved away. It works very well across all major markets.
It is as simple as that.
To learn more about the pattern and other chart reading techniques you can check out my online ebook Art of Chart Reading
