A bullish ‘Railway Track’ pattern was first noted on Gold on the 10th February 2014. This move went on to deliver over $110!
10th February 2014:Bullish ‘Railway Track’ pattern first noted.
The weekly candle closed as a bullish coloured candle and in a bullish-reversal style ‘railway track’ configuration. This follows on from a similar bullish pattern that appeared on the monthly chart after the recent monthly candle close. ‘Railway track’ candle patterns that form at support or resistance may indicate possible reversal but, of course, there are no guarantees. The two recent examples for Gold are of bullish candle configurations formed at a support level and, thus, it would be worth watching for signs of any bullish continuation. These candle patterns are highlighted below:
‘Railway Track’ examples:
Last two weekly candles for Gold:
Last two completed monthly candles for Gold:
17th March: Bullish ‘Railway Track’ pattern has delivered over $100:
By this date Gold had climbed over $100: Gold has now risen over $100 since I first posted the chart of the bullish-reversal weekly ‘railway track’ pattern back in early February! See the chart below for how this pattern appears now: