Veteran trader Peter Brandt is flagging a highly unusual technical signal in gold he calls the “Nine Red Birds” pattern, hinting that the latest bout of selling may be nearing exhaustion and that a reversal could be forming.
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What Are ‘Nine Red Birds’?
In a social media post on Sunday, Brandt pointed to the Nine Red Birds pattern on the daily chart for gold futures contracts.
Brandt’s “Nine Red Birds” label refers to a sequence of nine consecutive daily declines on a candlestick chart, where each session prints a red candle and pushes the trend sharply lower.
He noted that over more than 50 years of futures trading, he has seen this configuration only a handful of times, underscoring how rare the setup is.
The pattern itself is not a classic textbook formation such as a head-and-shoulders or a wedge, …
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