FXKing009

XAUUSD / DROP OF A LIFETIME??

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
THIS IS JUST MY THOUGHTS AND ANALYSIS

From what I can see looking at the monthly chart gold is set up for a massive drop, its made an all-time high, there has been hardly any correction and it's just completely flown away from the trendline (lol)
I can see a massive amount of divergence on all timeframes and a huge amount of upwards momentum. The last time this occurred the price dropped quite dramatically but then rose just as fast.

If price breaks the 2 levels of support marked above then we can expect to see another big drop to the support level below that or potentially even further.


Obviously price can do what it wants and we just have to follow it but it's a nice thought.
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Comments

Not possible bro fundamentals. Lebonon etc etc China
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FXKing009 Blessme123
@Blessme123, True that, technicals arent working anymore for this but its a nice idea
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2500 next target mark it in your charts
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FXKing009 jasgrewal953
@jasgrewal953, Based on what?
Reply
@FXKing009, Based on basic fundamentals, as the fed keeps printing an unbelievable amount if money then the dollar is going rapidly de-value therefore increasing value in gold amd silver
Reply
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