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Gold Spot / U.S. Dollar
Short

GOLD STARTS CORRECTION CYCLE???

By VasilyTrader
Updated
snapshot

hey traders,

very very peculiar sentiment on gold.
if we precisely analyze the price action from the beginning of summer,
we will notice with you that the market was trading in a sharp bullish trend
and, what is crucially important, without correction.

From September, however, the picture has started to change.
  • clear RSI divergence on a daily chart
  • the first time since May the market has broken BELOW the 1500.0 structure support
  • most of the traders have been seeing a false breakout, however, after pullback the market set a new lower low.


It looks like gold starts a correction cycle and there is a high chance to see a further bearish continuation
while buyers are accumulating orders.
Be focused on a falling resistance of a channel: if the market respects it and retraces, the flag formation will be confirmed
and from a technical perspective, we can state the start of a correction cycle.

My point is that I know that many people are interested in investing in gold just because they follow talking heads on TV or some news outlets.
Be always skeptical and think twice before you invest your savings accounts in the industry that you know nothing about.
In terms of investment, buying gold right now is very very risky. The most probable thing that will happen with you if you buy it now is
that most of the time your position will bounce around a breakeven point...


Note
the market is trading within the range of resistance
Note
looks like the market respects the resistance ?!
CommoditiesfuturesGoldTechnical IndicatorsinvestmentMetalsoptionsTechnical AnalysistradingTrend AnalysisWave AnalysisXAUUSD
VasilyTrader
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