| | | The support and resistance logic
of gold's 3 year bottoming process
with confirmation by long-term moving averages
(refer to the chart below)
February, 2016... breaks shorter DT resistance (thin blue line)
August, 2016... rally halted by longer DT resistance (thick blue line)
December, 2016... support from former DT line (thin blue line)
August, 2017... breaks longer DT resistance (thick blue line)
Jan-Apr, 2018... rally halted by inverse H&S neckline resistance (thick black line)
August, 2018... support from former DT line (thick blue line)
... and making clearly higher lows during this period.
Meanwhile, the 24 and 36 month moving averages have aligned,
with the 24 month bullishly above the 36 month.
The bullish alignment will be complete
once the 9emma moves above the other two.
Also, notice how the 9emma became support for the rally
from mid-2009 through the 2011 peak.
Happy Holidaze to all.
10k
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