It's important to look at Gold against various currencies - this can translate as a country's financial trust/stress barometer.
The Gold in CAD chart has recently formed a nice classic bull-flag on the weekly candles.
Continuation of this bullish pattern would bring Gold to a new ATH for Canadians.
Two projections are suggesting Gold/CAD will be at 3052 31-May-2023.
The first projection is from 1-Oct-2018 on the weekly scale.
The second projection is 31-Oct-2022 on the daily scale.
Trend-based Fib extension (8-Mar-2023, 17-Mar-2023, 21-Mar-2023) has 1.618 projection at 3054.
Technical Analysis
Similar leaning head and shoulder pattern to start of Q4 of 2021 for Gold price.
Used same slope as 2021 for estimating trend line forecasted to a take-profit level at 2114 Support level.
Estimated time frame for take-profit orders would be around September 2022.
MACD and RSI convergence shows bearish signals in the short-term.
Big swing in...
Great looking consolidation last few months. Price pressing up against high of range.
Looking to bullish setups on smaller time frames and expecting nice follow-thru on breakout of this range
Gann stuff, so, On Aug 7, 2020, the ath was in. Using this date, and converting it to price =2008.07. Well, the time required to get to that point of reversal is 302bars. Divide the price difference (2762.43-2008.07=754.36) by the Bars 302 and a pretty nice ratio, of 2.5:1 is the result. The chart scale is 5:1 (5 dollars in price and 1 bar in time), so this...
Quarterly log chart for $XAUCAD. Super simple... and other than $XAUUSD... they almost all look lik this. Crystall ball in your hands when you look at other currenciesmeasured in gold. You realize when you aren't back by a stroe of value.. you are valueless! Fiats going to zero is baked in the system. Enjoy! #patience #gold #silver $slv $gld #fintwit $sil $silj...
- Price gold in uptrend from Jan-Mar, then consolidate, create resistance at $2018.45
- next uptrend Mar-Jun, even though the volume is high and the under-candle-leg longer than body-candle, test resistance and break celling price.
- significant uptrend from Jun- Au:
+ Narrow Bollinger band
+ candle short-leg
+RSI overbuy
PREDICT:
- price in uptrend, then it...
not too familiar with the chart tools but silver makes quick moves to catch up to gold.
It would be nice if retail price went down a bit, but $30 CAD is still relatively cheap.
Late Jan 2020 you might find a great buy in gold. Snp500 will most likely rally through dec and early January. I’m looking to pick up another 5 oz then. Cad will fall against gold in 2020
