The dollar and gold did not do too much more today than advance their daily cycle counts by one day. So I thought that we could revisit the June 25th post on an apparent repeating pattern with gold:
https://likesmoneycycletrading.wordpress.com/2013/06/25/as-simple-as/
Over the course of the gold bull there seems to be a pattern that has repeated itself.
I highlighted the three time frames that we will take a closer look at.
Beginning with 2001 – 2006
There are several things that stand out to me as I look at this time frame.
(a) A multi-month triangle consolidation.
(b) The peak following the break out of the triangle consolidation.
(c) A back-test of the break out area.
You will notice after gold makes it back to the resistance line at (b) there is a brief consolidation and then Bye-bye.
On to the 2004 – 2009 time frame.
Again you will notice:
(a) A multi-month triangle consolidation.
(b) The peak following the break out of the triangle consolidation.
(c) A back-test of the break out area.
And then once again, there a brief consolidation once gold makes it back to the resistance line at (b) then Bye-bye.
And finally our current set-up.
Here is what I posted on June 25th.
And here is what it looks like now:
Gold has “played that song” a couple of times now.
And once again I find that all I can say is play it again, Sam …
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