The History of Gold Charts by Peter Brandt

in syndication •  4 months ago 

Gold – The Ultimate Charting Market. Post 1: 1975 - 1983**

Source of these Images:

Weekly chart – 1975 through 1979

Major chart construction

  • A. Rounding bottom from 1975 through Jul 1978 (labeled A). This rare chart pattern predicted a grand bull market cycle ahead.
  • B. Expanding volume throughout 1978 (labeled B) confirmed that the bull market ahead would be one for the ages
  • C. A running wedge (labeled C) will often “sling-shot” a bull trend into a period of price acceleration

Daily chart – April 1975 through August 1976

Key features

  • All the below took place in the final declining phase of the rounding bottom during the correction in Gold from $194 to $100
  • Rectangle completed in early Sep 1975
  • Symmetrical triangle completed in early Jan 1976
  • Symmetrical triangle completed in mid Jul 1976

Daily chart – July 1976 through May 1978

Key features

  • Head and shoulders bottom completed in late Oct 1976. This was the orthodox low of the rounding bottom on the weekly graph.
  • Symmetrical triangle completed in late Feb 1977
  • H&S top completed in May 1977. Once the target was met the major bull trend continued. This pattern needed to be understood within the context of the major rounding bottom.
  • Symmetrical triangle completed in late Dec 1977

Daily chart – September 1977 through August 1979

Key features

  • Continuation H&S completed in mid-Jul 1978. This pattern propelled Gold prices into new all- time record highs.
  • Symmetrical triangle completed in mid-Sep 1978
  • Island exhaustion top in late Oct 1978 – indicated the market needed a pause
  • Wedge completed in late Apr 1979
  • Major running wedge (labeled C) completed in late May 1979

Daily chart – May 1979 through December 1979

Weekly chart – Late 1979 through early 1984

Major chart construction
D. Flag (see previous section)
E. Blow-off top
F. Symmetrical triangle bottom
G. H&S top
H. H&S bottom
I. H&S top
J. Descending triangle (as right shoulder of H&S top).

Daily chart – September 1979 through June 1980

Key features

  • Flag (labeled D) completed in Nov 1979 – see previous section
  • Half-mast flat completed in Jan 1980 (labeled E). This flag launched the final phase of the 1970s bull market.
  • Island top in mid Jan 1980
  • Descending triangle completed in early Mar 1980
  • Symmetrical triangle bottom (labeled F)
  • Pennant completed in late Jun 1980

Daily chart – June 1980 through August 1981

Key features

  • H&S top (labeled G) completed in Dec 1980. This was the cap to the first big rally during the 1980 to 1999 bear market
  • Symmetrical triangle completed Jun 25, 1981

Daily chart – May 1981 through July 1982

Key features

  • Continuation H&S top completed early Nov 1981
  • Major H&S bottom completed in mid Aug 1982 (labeled H)

Daily chart – July 1982 through August 1983

Major features

  • Completion of major H&S bottom in Aug 1982
  • Symmetrical triangle completed in late Nov 1982
  • Major 13- month H&S top (labeled I)
  • Descending triangle (labeled J)

It will continue... the full post

Article Syndicated by @yuriitonkov

Author Bio:

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This article was written by Peter Brandt. An author, financial blogger and commodities trader.

Steem Account: @peterlbrandt
Twitter Account: PeterLBrandt

Learn more about Peter Brandt on his website

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I love Peter, the guy is so real and full of trading wisdom.