Gold crash coming?
I have lost my bull sentiment for Gold and luckily saw saw the sell off before it happened...
I have been bearish for some time now and keep feeling more vindicated in that approach.
Next Bear targets for me are 1750, then 1670, and then possibly lower to the 233 (red line) pictured at 1570..
These are just potential targets that If i feel aren't coming I will update when appropriate and hopefully catch before move happens..
The stochastic is making me think 1750 comes at least.
You can also see how we have rejected all shorter moving averages and now are sitting on support (blue rectangle)..
I have drawn a path for gold to consolidate more but wouldn't be shocked if it dropped more quickly.
A fed taper should promote the dollar.
Pattern is broadening wedge, needs to break trend line for confirmation in my opinion. Time will tell. I will continue to update my thoughts.
I have lined the charts I posted once my bull sentiment faded below. Enjoy!
Not financial advice
- Happy Trading
I have been bearish for some time now and keep feeling more vindicated in that approach.
Next Bear targets for me are 1750, then 1670, and then possibly lower to the 233 (red line) pictured at 1570..
These are just potential targets that If i feel aren't coming I will update when appropriate and hopefully catch before move happens..
The stochastic is making me think 1750 comes at least.
You can also see how we have rejected all shorter moving averages and now are sitting on support (blue rectangle)..
I have drawn a path for gold to consolidate more but wouldn't be shocked if it dropped more quickly.
A fed taper should promote the dollar.
Pattern is broadening wedge, needs to break trend line for confirmation in my opinion. Time will tell. I will continue to update my thoughts.
I have lined the charts I posted once my bull sentiment faded below. Enjoy!
Not financial advice
- Happy Trading
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