I see that most traders look to be bullish on this, but I see very clear bearish signs. Especially for the short term. There is a big barrier in the form of a ascending long term trend line (red line in chart) which can be a support, in which case we will go LONG.
Bearish signs I see:
- Gold is hitting a strong recent support/resistant space
- Hitting the ceiling of a descending channel.
- RSI and MACD further confirm bearish momentum
Target 1: red trend line,
Target 2: if it breaks the red line it can go to just above 1800.
(!) Watch space is the (red) supporting trend line. See if it is able to break this. Otherwise we can think long at that point!
Let me know what you think!! Let's see what happens.
***Like this post if you find it useful and feel free to leave comments with ideas or questions!***
Bearish signs I see:
- Gold is hitting a strong recent support/resistant space
- Hitting the ceiling of a descending channel.
- RSI and MACD further confirm bearish momentum
Target 1: red trend line,
Target 2: if it breaks the red line it can go to just above 1800.
(!) Watch space is the (red) supporting trend line. See if it is able to break this. Otherwise we can think long at that point!
Let me know what you think!! Let's see what happens.
***Like this post if you find it useful and feel free to leave comments with ideas or questions!***