how does that square with this?
"Gold charts appear to best support a rise to back-test the $1,500 resistance, then a drop to test the $1,050 support. The pattern in Gold appears to suggest a long, meandering trading range above $1,050 if it does drop to make a final low in that area. I suspect that range will go from $1,050 to $1,600 over the course of several years. Think of it as an a-b-c correction off the all-time highs, with the "a" down to $1,050, a "b" up to $1,600, followed many years later by a "c" down to $1,050 or possibly even $850 to finish the correction off the all-time highs." |
