Is Gold on the verge of collapsing in 2024?

On the above 2-week chart price action has enjoyed a 100% move in only 8 years. A number of reasons now exist to consider a bearish outlook for Gold, including:

1) A triple top on legacy resistance.

2) Regular bearish divergence. The number of oscillators now printing negative divergence with price action is actually greater than the positive divergence that printed in early 2016.

3) Looking left, with this divergence, Price action is forecast to drop below $1400.

Ww

Comment:

A number of messages asking if this idea remains valid.

100%

A 40% correction remains part of the future for price action.

The study for this idea, in addition to the triple top divergence, was brought from the study on the rising channel observed here on the 2 month chart below.

A strong rise in price action has been observed since exiting the bear flag. A backtest of past support as resistance is required to confirm.

A remarkable “short” opportunity is printing. Plan for it!

Ww


2 month

Comment:

"Markets slash rate cut bets after US inflation rises to 3.5%"

Rates rises to continue after the pause to tackle inflation. DXY will rise to 140 area with the new dollar demand. This is going to be fun.

Trade active:

Full transparency, have had a short position opened since 2350 area and another at 2370 as price action begins its decent to 2000 for a confirmation of support on past resistance.

What if this breakout was nothing more than a massive fake out? Will explain why elsewhere..