6th of December, 2021 - by PreciousChartist
The following article has been written by PreciousChartist, a trader who has been trading very successfully in various markets for more than 20 years based on chart analysis. The article does not reflect the opinion of torck capital management and is not investment advice.
XAU/USD – Weekly
The move through $1835 tricked me. I should have looked closer to the potential triangle that was in the making. After we broke through the $1835 the top of that leg fits nicely to the upper leg of that potential triangle. The lower leg is not that powerful yet, due to the reason that we only touched twice. I am using line charts because it just looks cleaner on such a long-term view. Nevertheless, as long the price is within this potential triangle I stay bullish.
XAU/USD - Daily
The bullish case is still intact as long we can hold the lower leg of the potential triangle. Watch the base line (blue line), if we trade above it the momentum is bullish. A textbook break-out would be to trade a few days at around the base line and then push through the upper leg with high volume.
XAU/USD – 4 hours
We are back to square-one from last month. This time-frame looks the least bullish.
XAG/USD – Weekly
We did not manage it to push decisively through the base line and came screaming back to the lower leg of the potential bull flag. We need to hold, otherwise this will turn into a shit-show.
XAG/USD – Daily
The potential reverse shoulder-head-shoulder did not play out. There is not much to say than we need to hold the line of the lower leg of the potential bull-flag
XAG/USD – 4 hours
Nothing to add here.
GDXJ – Weekly
We are back down again close to the $38 level. The downward channel is still in place. I need a clear break either through the $38 level or through $48 was the last top above the base line.
GDXJ – Daily
As I said last month, as long we are above the base line I am relaxed. Unfortunately, we are now below and long positions are squeezing my nuts here.
GDXJ – 4 hours
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