Here we have a possible long term BEARISH analysis on Gold.
Gold seems to be respecting this Falling Resistance that reared its face upon price reaching 2081 (May 4th) then declining to then retest this Resistance a 2nd time at 1953 (Sep. 1st) bringing us to the 3rd attempt at 1937 (Sep. 19th)
Following this 3rd attempt, price has STEADILY declined into what looks to be an upcoming area of past Consolidation turned Support!!
If price is unable to find footing in this area AND decides to break down past the PHR (Point of Hard Return) , I could see price possibly stretching down into the ranges of Last Fall! ~ {1730 - 1615}
Gold seems to be respecting this Falling Resistance that reared its face upon price reaching 2081 (May 4th) then declining to then retest this Resistance a 2nd time at 1953 (Sep. 1st) bringing us to the 3rd attempt at 1937 (Sep. 19th)
Following this 3rd attempt, price has STEADILY declined into what looks to be an upcoming area of past Consolidation turned Support!!
If price is unable to find footing in this area AND decides to break down past the PHR (Point of Hard Return) , I could see price possibly stretching down into the ranges of Last Fall! ~ {1730 - 1615}
Note
-Fundamentally with Interest Rates staying high and Gold being a non-yielding gaining NO extra value, the value of gold held does not go up like money. I believe that could play into the mindset of Gold holders and traders to sell gold in the long term!tradingview.com/news/tradingview:4f15d9373094b:0-xau-usd-gold-whipsaws-as-higher-for-longer-starts-to-settle-in-traders-minds/
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
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.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
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.