Gold has continued to track well with the weekly patterns seen the week after a Large Range Tuesday and during a week with a large range Monday. Tuesday split the difference between the two charts, but overall had a fairly flat open to close. Especially considering Monday’s 1% move to Tuesday 0.06%… The next point of convergence in these patterns though is Wednesday with another projected move to the downside. Both charts also call for a low of the week on Wednesday. As a visual aid, here’s everything over laid on one chart.
The black line on the chart is the close line marking the price of gold from the Sunday open to Tuesday’s close. The chart with a less steep decline on Monday is the Week After a Large Range Tuesday during a Flat Week, while the other one is a Large Range Monday week. While there are differences between the two, both converge near the close of Tuesday and current price has done the same. The next question is, will reality follow history with a decline on Wednesday?