Gold looking BEARISH
Gold has had a fantastic bull run since December 2015, however this trend may be due for a reversal ahead.
The Green wave 5 seems to have completed, so an entry on a short position can be taken at the current price of 1960.39
Further size can be added to the short if the price reaches 2068.32 as this could be the final push upwards before the reversal.
The weekly RSI is "bearishly diverging" meaning we are seeing higher highs in price with lower highs in the RSI, although in this case the highs in price are at the same level.
A conservative target that will commonly be reached is the 0.382 retracement of all 5 green waves at the 1641 level.
Given that this is on the weekly chart, this could take between 6-12 months to play out.
Entry 1 = 1960.39
Entry 2 = 2068.32
Take profit = 1641.51
Stop loss = 2185.85
The Green wave 5 seems to have completed, so an entry on a short position can be taken at the current price of 1960.39
Further size can be added to the short if the price reaches 2068.32 as this could be the final push upwards before the reversal.
The weekly RSI is "bearishly diverging" meaning we are seeing higher highs in price with lower highs in the RSI, although in this case the highs in price are at the same level.
A conservative target that will commonly be reached is the 0.382 retracement of all 5 green waves at the 1641 level.
Given that this is on the weekly chart, this could take between 6-12 months to play out.
Entry 1 = 1960.39
Entry 2 = 2068.32
Take profit = 1641.51
Stop loss = 2185.85
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