Emergency alert for all gold bugs

The Month of May is days away from closing. A ‘shooting star’ candle is printing. Price action must climb up and over 2020 to prevent this candle from printing. Should it close as is then price action will correct 20% to 1550, for starters.

This is not the bull market gold dealers are advertising (remember they are pulling it out the ground for 800 an ounce). And that is nothing before mentioning gurus all over the internet calling for 3k and beyond.

Ww

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The month of May did indeed close as published.

If you’re one of my Patrons, you’ll know why I value this 2-week chart so much.

2-week MFI

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The 2-week bear flag has now confirmed. 1600 is all but certain.

2-week

The monthly chart must not print as is currently by the close of June if the bullish case to 2k and beyond is to hold. This is a triple top bearish divergence on the monthly. 1600 is unlikely to hold with 1310 offering the first significant support.

monthly

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The 1900 support is about to collapse.

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On market structure. Significant test.

Did you buy at 2000? Did you listen to the hype on social media? Is it a buy is it a sell?

if 1900 fails, look left. It is clear to a blind puppy where it lands. The bulls don't want to hear though. Emotions are a money killer.

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** Broken market structure **

Following a strong sell signal price action has now confirmed broken market structure. The next 6 to 12 months is just going to be a long protracted decline to 1600.

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I know gold bugs do not want to hear this.. however the facts of the chart are now printing a significant warning.

The messages received on this idea and others like it:

$3k by 2024!!
Going to $10k 2030!!

What is the significant warning? Look left. The blue circles specifically. Throughout history the stochastic RSI **crossover** and **cross-down** on the 2-month chart was not positive for price action. Minimum corrections of 30% should be expected.

All this is happening without even mentioning the obvious bearish divergence.

For the bulls, price action must close above 2000 before November.

For the bears, price action has already tested 2000 twice and rejected it. You don’t want to see a third test.

ww

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At resistance... Perhaps this time is different. You and I both know that's not true.

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As forecast above, price action rejected the 2k for the umpteenth time. This time was different, however. This rejection compared with the previous rejection printed a lower high. That is not my opinion, it is fact.

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Huge amount of excitement from Goldbugs at the moment as price action returns to where it was 3 years ago, at resistance.

Price action has broken out of the upward support trend channel and confirmed it as resistance.

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Gravestone DOJI prints at resistance.