Gold may have probably topped out
Gold prices had been on a year to 2000+, and this was expected over a year ago (may not have been posted here previously). Nonetheless, it had stretched to reach and exceed its target, and is now contemplating what to do. As it does that, the Gold futures GC1! has made a series of lower highs(marked by the white resistance lines). The thing is that it is not followed through by lower lows as well. So, not yet likely a end of trend. But it is clear that a break and close below 1900, it is in a decent downtrend. 1900 must hold. Closing below of 1920 is already enough for me as a qualifier for a decent retracement in Gold.
In other correlationships, the USD Index and USD futures are forming bullish divergences and when these play out, we may see Gold breaking down below 1900.
Possible target 1600, with 1800 as a pause point.
In other correlationships, the USD Index and USD futures are forming bullish divergences and when these play out, we may see Gold breaking down below 1900.
Possible target 1600, with 1800 as a pause point.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.