After months expecting the bottom of at least around $1000, did the bottom came and gone without much of a BANG???
Gold has spotted the most perfect rounding bottom pattern, a long term reversal pattern. In addition it had broken a triangle pattern where it had been moving around since mid 2013 as well as 50 weeks MA (200 days MA on daily chart).
Yes, that had happened several times on the top of the spikes during the move inside the triangle including last October. And it still has to break the red trend line. So we might still see a visit to the land below $1000. There is a trend-line from 2003 - 2005 around $925. If that is broken, we might go way lower.
If this indeed a reversal - after a little pull back (I expect price will go down to 1125 - 1150-ish), expect a move up to 1254. The next target will be 1300-ish where the 200 day MA should be. Afterwards it should go to 1530-ish where the support of the top moves is located.
See detail of target-prices in the daily chart
NOTES: The blue box at the background is a Gann Box. I always amazed on how accurate Gann Boxes. Salut to Mr. Gann - GANN ROCKS !!!!
This chart is created with HPTZ methods from Triggers.ca (my appreciation to Andrew Long who teach me how to do this)