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Goldcrash

From the Gold Rush to the 10% Golden Crash next?A few weeks ago, I mentioned that the gold rally had come to an end. At the time, the price was at $1,970, and I expected the price to crash for the rest of the year. Well, the crash came much sooner than even I expected. Just last week, gold prices sank another 4%. And to put this into perspective. We have not seen this kind of gold crash performance since June 2021. In fact, on 25 September, the gold price dropped from $1,970 per ounce down to a low of $1,829. If you missed the first down leg of gold, you’re not going to want to miss the next one. Here’s why I expect the price to continue down. Why the JOLTS report is great for America but bad for gold Let’s start with what the JOLTS report is. The Job Openings and Labor Turnover Survey (JOLTS) report is a monthly publication by the U.S. Bureau of Labor Statistics (BLS). It tells us important information about the U.S. labour market. The report is typically released a few weeks after the closely watched m (Nonfarm Payrolls) and offers a different perspective on the job market. August data of the US JOLTS Jobs Openings was recently released. And it crushed analysts’ expectations. It showed the job openings improved to 9.61 million in August from the previous reading of 8.92 million. When the report came out, the gold price dropped even further. We need to remember…. The JOLTS report of 9.61 million in August suggests a strong labour market and a boost in economic optimism. In a growing economy, we’ll see investors will look to riskier assets like stocks over safe-haven assets like gold. And so, this led to a decrease in gold demand and a drop in its price. Another interest rate hike is on the cards Several Fed officials have suggested that America can expect at least one more 25 basis points rate hike by the end of the year. This will be to try to bring inflation back to the 2% target. Also, with the higher jobs openings and a stronger economy – this has put the US wage inflation and higher interest rates back on the agenda. Here is what Jim Wyckoff, senior analyst at Kitco Metals, said in a Reuters note. “There is a reckoning that interest rates are going to be higher for much longer, which has been the bearish element in the precious market. Gold prices could go below $1,800 in the near-term,” I don’t normally agree with the news and hype. But the charts agree with the downside to come. Why this massive inverse Cup and Handle is showing 10% for gold You can see since April 2023, it’s been moving in a bearish (down) pattern known as an Inverse Cup and Handle. Three parts make this Inverse C&H pattern including a. Cup (big rounding top), Handle (small rounding top) and a Brim level (horizontal support). Now that the price has broken below the brim level, means we should expect the price to continue down. The first target I have for gold is to the next strong support (floor level) at $1,710. This was the level that was tested in January, and it looks like the price will go back to that testing level again.
COMEX:GC1!Short
by Timonrosso
Bearish to 50% Fib retracement... Happy New Year Crash!!Historically from a technical view, Gold crashed its first "Bullish Flag", Interest rates aren't rising until next year gradually, Since I personally want to buy gold to hedge against inflation, If I had Big bank type of money, I would Short gold before the new year, before the interest rate increase to buy it at a discounted price... also COT Commercial is shorting while none commercial is longing... I follow the money, not the herd.
FX_IDC:XAUUSDShort
by UnknownUnicorn11235861
GOLD Wait to see what happen (BEARISH LONG TERM)If you see my previous analysis on gold we see I predict what it gonna happen in short term. Although i though it was a little correction to up strong. It was lateral in a time after do a big increase. If you see it broke completly the channel long term to do a completly new channel bullish. That happen when the curve of interest rate began to cross and it anticipate a new crisis but most of the analists never know when it gonna happen so gold has been increasing since then. The cross to a new channel surprisly it happen when it finish the minichannel not waiting for another cicle. NOW Now we are in the last days of the big increase of gold. With this COVID all the data has been accelerated. If you observe the new grade of slope is quite bigger than the last one. It usually happen when it is gonna change the cycle, so probably in not more than one year we will se a bearish cycle in gold. With the COVID we have seen one big drop when a lot of money in gold go to cash to enter in market stock. After that because is is not clear yet when we finish some reenter in gold and another stay in cash. Probably this days this cash is coming here. TECHNICAL ANALISIS I have not idea what it gonna happen since here on gold. I have two ideas, one is go to maximum in 2 weeks, (breaking the recent double topi it is marked) arriving to touch 9000 and other is go to one of the two support we see in the chart. If it go to maxium means than gold is gonna down very fast after and we can conclude the bullish rally for 5 years. If it go to take support we are waiting for more cicles bullish, and mean that the situation of COVID it is worse and uncertain. So long term it is clearly BEARISH, but medium term could be BULLISH, it dependes of how manage the situation. I recommend only take position with shorts. once it has broken the second channel in blue. Or take shorts when it arrive to the top of the big channels, waiting for corrections.
FOREXCOM:XAUUSDShort
by sergiof08