When Does Technical Analysis Not Worknewbie -
I forgot to mention one other point about TA in my last post to you.
TA is known with certainty not to work in MANIPULATED markets and it does not work in CRAZY MOOD markets according to Tony Chou who runs the
Investorz' Blog; a blog about investing and the finance markets.
Read his explanation at the following link and also bear in mind he is not the only highly qualified person who understands and agrees with what he says:
https://www.businessinsider.com/when-does-technical-analysis-not-work-2011-6
I will also add one final point and then I will cease commenting on this subject. The more manipulated and the crazier the mood of the market, the less TA works (if it does at all) and the more effective is fundamental analysis. That is because the insanity which occurs in the markets from time to time, and we are at fever pitch right now and getting worse, guarantees erroneous, false, purposely damaging and destructive actions by the manipulators (FED, LBMA, BIS, the usual crowd of scoundrels often referred to as 'da boyz') upon the economy to achieve their nefarious ends. For example, current worldwide monetary policy is insanely accommodative, QE is destroying the currency so that purchasing power is being destroyed, debt is totally unpayable unless you consider unlimited fiat currency to have purchasing power - it doesn't - the time is coming when fiat will be worthless and the PMs and their proxies will be the last men standing.
It has been said by sages such as Egon von Greyerz and James Turk, among many others, that gold will ultimately reach as high as infinity as fiat reverts to its intrinsic value of zero - but you won't like it when it happens. Those prognostications appear to be coming true.
Nevertheless, hold your bullion and your PM shares.