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TFC Commodity Trading Forum

Re: Return of the AU psychedelic map *PIC*

I guess maybe we ought to post something trade related.

Ye old psychedelic Gold chart...back on Jan 8 2020(big green arrow) suspected gold was headed to 18. Made it and then some...all the way to 2100.

Now it has come back to 18, which has now been turned from resistance to support.

This could qualify as a break and test pattern if 18 holds up here. As a general rule...the longer it takes to make a break and test the stronger
the moved based of the break and test will be. On a daily chart, if it breaks and test over a period of 3-4 days or 7-8 days...that will lead to
a following move that will look good on a daily chart but may not do a lot to change the look of a weekly or monthly chart.

If it breaks and then the test occurs at 3.75 weeks or 7.5 weeks...that turns into a daily count of 18.75 days and 37.5 days, respectively.

If it breaks and tests on the monthly chart at 3.75 months or 7.5 months that's great many days on the daily chart...around 112.5 days and
225 days respectively.

This break and test on the monthly is at 6 months or 22.5 weeks or 93.75 days. The count is a little muddled because of the way it broke above
the 18 line.

Price has already started up from the 1800 line but it's weak looking. Need to wait to see if it solidifies. I think it is more likely to be a weak climb
up or sideways until next month.

it just as easily, maybe even more easily than continuing up, fall back into the range 1200 to 1800 where it belongs...

Time will tell...