On June 25, 2023 it was noted that research would continue with other currencies to see if trader positioning is conducted prior to specific rally or decline events. On October 22, 2023 it was noted that the triple top formation by itself did not necessarily mean a decline was expected, but Engrbytrade™ futures trading data calculations were trending in a direction showing traders hedging their trades for a long term decline.
Since October 22, 2023, daily Engrbytrade™ Gold/U.S Dollar derivative calculations have moved quickly in a direction that confirms gold is nearing the completion of a long term ascending triangle structure that is similar to what was developed during 2008 and 2009, just prior to moving higher in 2010 and 2011. Based on current daily calculations there is a high probability gold will stay within its ascending triangle prior to moving to the upside.
Stock charts courtesy of StockCharts.com.
