On the 10x3 H/L chart, the first target down from the recent (all time) high is 1,550. See how the price reversed lower, then on each subsequent revesal higher, the bears have come back in selling at lower levels. The move through 1,800 confirms the triple bottom sell signal and activates the target.There is a minor bullish support line to push through. The longer term line is still very much in tact and has not been challenged since early 2011.
The 25x3 chart shows just how parabolic gold has gone the last 2 years. The recent action has given a double bottom sell signal and an active target of 1,600. I haven't labelled it but there is also an unactivated target to the upside of 2,250 but we would need to see a move above 1,900 for this to be activated.
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