GOLD is on the brink of collapse here.
The 50Wma previously was support but now price is rejecting from it and momentum to the downside is increasing.
This can also be see on the W RSI where there has been a rejection from the middle band and now RSI will most likely remain in the lower quadrant for the duration of what appears to be a C wave until oversold.
I predict GOLD will at the very least collapse to $1500 just the same as I said months ago and I might add I received considerable scoffing at this projection when price was near $1900.
I have multiple counts for GOLD - see linked ideas, but regardless I will be a buyer either mid or long term in the $1500 area assuming RSI is oversold.
Not advice
The 50Wma previously was support but now price is rejecting from it and momentum to the downside is increasing.
This can also be see on the W RSI where there has been a rejection from the middle band and now RSI will most likely remain in the lower quadrant for the duration of what appears to be a C wave until oversold.
I predict GOLD will at the very least collapse to $1500 just the same as I said months ago and I might add I received considerable scoffing at this projection when price was near $1900.
I have multiple counts for GOLD - see linked ideas, but regardless I will be a buyer either mid or long term in the $1500 area assuming RSI is oversold.
Not advice
Note
In consideration of the very upset comment below - when I say I have "multiple counts" there are 2 and they are very different.If you find my GOLD posts upsetting I suggest taking some time to look internally and ask yourself - if you know better, why the upset... Do you see the contradiction?
Note
See you at $1500.Note
Gravestone doji candle for this week. BearishNote
The descent continues and likely its only going to get worse into another capitulation. GOLD has a nice chart for catching trends and here price has been tidily trending between the upper median line (blue) and the median line (green) which it has capitulated to. Any touch of the median line or the 200Wma or my $1548 1:1 target and I will cover my short.
Your FA guru can't read a chart💭
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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.