I'm bearish Gold and here's why
I was a Gold bull since 1300 and well before "corona" crisis. Now though, I become more and more bearish with each day.
The first sign for me that Gold is done with its bull run was on September 1st when the up break above 1975 resistance laked continuation. Since then another 2 lower highs formed on the chart.
Yesterday, again, Gold broke above 1950 resistance just to quickly reverse under.
This series of lower highs and this impossibility for bulls to take control is for me a sign that last month's consolidation is distribution, not accumulation before a new leg up.
In the medium term, in my opinion, the price will break down (1910 support) and a soft target can be 1850 but we can see gold drop even further.
I will remain bearish as long as the price stays under 1975 on a daily close basis and I will look for selling opportunities.
The first sign for me that Gold is done with its bull run was on September 1st when the up break above 1975 resistance laked continuation. Since then another 2 lower highs formed on the chart.
Yesterday, again, Gold broke above 1950 resistance just to quickly reverse under.
This series of lower highs and this impossibility for bulls to take control is for me a sign that last month's consolidation is distribution, not accumulation before a new leg up.
In the medium term, in my opinion, the price will break down (1910 support) and a soft target can be 1850 but we can see gold drop even further.
I will remain bearish as long as the price stays under 1975 on a daily close basis and I will look for selling opportunities.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
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.