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<p>[QUOTE="EdThelorax, post: 3609768, member: 99854"]This is called a break-out. Silver is now above the magenta line drawn from the 2011 highs to the top of the Feb.2019 high. </p><p><br /></p><p>The 50DayMovingAverage (DMA) in Blue will soon cross the 200DMA in red. This is called a "Golden cross" even though this is a silver chart. </p><p><img src="https://www.tradingview.com/x/VtI4YAyc/" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /> </p><p><br /></p><p>You can see the price of gold appreciate after it's golden cross.</p><p>The current pattern is called a bull flag or bull pennant. The move up should be about the same as the "pole" of the flag giving a target of $1550ish. </p><p>These patterns do NOT mean gold WILL go higher. If gold does go higher, I am not saying that target WILL be reached. </p><p><br /></p><p>Think of it as a bell curve of probability with the apex being at a target.</p><p><img src="https://www.tradingview.com/x/ISsWKM6f/" class="bbCodeImage wysiwygImage" alt="" unselectable="on" />[/QUOTE]</p><p><br /></p>
[QUOTE="EdThelorax, post: 3609768, member: 99854"]This is called a break-out. Silver is now above the magenta line drawn from the 2011 highs to the top of the Feb.2019 high. The 50DayMovingAverage (DMA) in Blue will soon cross the 200DMA in red. This is called a "Golden cross" even though this is a silver chart. [IMG]https://www.tradingview.com/x/VtI4YAyc/[/IMG] You can see the price of gold appreciate after it's golden cross. The current pattern is called a bull flag or bull pennant. The move up should be about the same as the "pole" of the flag giving a target of $1550ish. These patterns do NOT mean gold WILL go higher. If gold does go higher, I am not saying that target WILL be reached. Think of it as a bell curve of probability with the apex being at a target. [IMG]https://www.tradingview.com/x/ISsWKM6f/[/IMG][/QUOTE]
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