Gold drop
Pure speculation. Do not take this as advice.
On my previous post on gold, I mentioned about the resistance on momentum. It was cracked and we've now found a resistance area around the black line going back to 2016.
Looking like an ascending wedge formed here. Most recent S/R around $1425. Could potentially find some support either at $1425 range or could find it at an area from back in 08-09 range. May watch $1488 area as well, but expect only minor support ($1488 not shown).
RSI overbought with a bit of bearish divergence occurring, MACD off the walls, going to need a drop in order to stay realistic and not go full on Parabolic. Plus there will probably be a tweet or something claiming China news that's not a big deal that will prop up equities and help bond yields.
On my previous post on gold, I mentioned about the resistance on momentum. It was cracked and we've now found a resistance area around the black line going back to 2016.
Looking like an ascending wedge formed here. Most recent S/R around $1425. Could potentially find some support either at $1425 range or could find it at an area from back in 08-09 range. May watch $1488 area as well, but expect only minor support ($1488 not shown).
RSI overbought with a bit of bearish divergence occurring, MACD off the walls, going to need a drop in order to stay realistic and not go full on Parabolic. Plus there will probably be a tweet or something claiming China news that's not a big deal that will prop up equities and help bond yields.
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