Momentum has certainly shifted in the bulls favor. A divergence on the weekly charts was spotted along with a double bottom showing itself as well. A close above 49.01 tonight will be a big indicator to those watching and will likely yield a nice push to the upside.
The somewhat recent break of the upward channel and lack of volume is showing the market rejecting the 28-30k range and the bears are now back in control. A drop to the 21k area will likely provide a nice entry for a channel long however, confirmation is needed first.
Gold is showing that it was overvalued around 2k, again at 1900 and this support we are testing right now could signal the confirmation of a huge triple top dating back to 2020 / Covid. Gold has a good amount of support around the 1500 area. Unless the aforementioned pattern is signaling the end of a cycle instead of a pullback.
It's going to be interesting to see which of the two trends the market decides to stick with. considering the increased volume over the past few weeks and an oversold rsi we have a rather large ascending triangle pattern she can break out of to the topside. there's two trend lines she can follow when finding support. sticking with the blue line of support will...
Key area here, waiting on confirmation. Signs are pointing to a price drop unless I'm missing something! If she can hold here and turn this into support it will be extremely bullish but if she doesn't...
