Loading ...Taking all of the above into account it is thus very interesting to observe gold’s latest 10-year chart on which we see that its price has dropped down to arrive at the support of a giant Bowl pattern, so, again, this is a very point for it to turn up. The pattern in gold since early – mid 2013 may also be described as a complex Head-and-Shoulders bottom which is not shown here as it would make the chart rather messy, and the Bowl pattern suffices to define what is going on, at least for now.
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The 10-year chart for GDX continues to show it seemingly working on completing the Right Shoulder of a giant Head-and-Shoulders bottom. If this is what it is then we are clearly at a very good entry point for many stocks now.
https://www.clivemaund.com/gmu.php?art_id=68&date=2018-08-06