SP500 Broke 2018 Highs In Gold Price; Time For A Pullback?!
Hello traders and investors!
Today we want to update our SP500 against GOLD, SPX/GOLD ratio chart, which we see it now breaking 2018 highs, clearly within an extended wave 5 of III, which means that we should be now aware of a pullback that can cause limited gains on SP500, while GOLD may become supportive.
Notice that GOLD is currently trading at strong 2019 trendline support, which was resistance from March 2020 COVID crysis, so in case of bounce and recovery from that projected support, bulls would be still in control.
We also want to mention that SP500 can be finishing potential ending diagonal (wedge) pattern, while GOLD can be forming a big bullish triangle, now at the lower side of a range. However, more about this in our next article as the price action unfold.
Be humble and trade/invest smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we want to update our SP500 against GOLD, SPX/GOLD ratio chart, which we see it now breaking 2018 highs, clearly within an extended wave 5 of III, which means that we should be now aware of a pullback that can cause limited gains on SP500, while GOLD may become supportive.
Notice that GOLD is currently trading at strong 2019 trendline support, which was resistance from March 2020 COVID crysis, so in case of bounce and recovery from that projected support, bulls would be still in control.
We also want to mention that SP500 can be finishing potential ending diagonal (wedge) pattern, while GOLD can be forming a big bullish triangle, now at the lower side of a range. However, more about this in our next article as the price action unfold.
Be humble and trade/invest smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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