GOLD - Not the time for long yet
Updated
05.03.2024 - Gold printed a very mild DCL on day 57.
Today is day 20 in the new daily cycle . Though this daily cycle run to new all time highs price was not able to stay above 2433$...
It seems we are forming a double top and the double top's neckline is pulling down the price like the magnet at the prevoius DCL ( 2277$)
After the 2 -day-drop this week we printed a bear flag what broke down yesterday. Buyers are trying to buy every dip but the bounces are not holding for too long just like today.
First we are going to tag the trendline and the 50 EMA at 2310 and when this breaks it will trigger a very fast move to the neckline at 2277$.
Notice how RSI dropped to oversold levels on day 11-12... If this happens early in a daily cycle is not a good sign : it predicts further decline.
We have around 20-30 days from today to complete this daily cycle and the 2 possible targets are :
1. 2200-2150 $ ( 03.08-03.25 consolidation)
2. a backtest of the breakout at 2080-2083$.
Don't forget if it's an ICL the 5-6 day RSI will get oversold and stay oversold for days....
Today is day 20 in the new daily cycle . Though this daily cycle run to new all time highs price was not able to stay above 2433$...
It seems we are forming a double top and the double top's neckline is pulling down the price like the magnet at the prevoius DCL ( 2277$)
After the 2 -day-drop this week we printed a bear flag what broke down yesterday. Buyers are trying to buy every dip but the bounces are not holding for too long just like today.
First we are going to tag the trendline and the 50 EMA at 2310 and when this breaks it will trigger a very fast move to the neckline at 2277$.
Notice how RSI dropped to oversold levels on day 11-12... If this happens early in a daily cycle is not a good sign : it predicts further decline.
We have around 20-30 days from today to complete this daily cycle and the 2 possible targets are :
1. 2200-2150 $ ( 03.08-03.25 consolidation)
2. a backtest of the breakout at 2080-2083$.
Don't forget if it's an ICL the 5-6 day RSI will get oversold and stay oversold for days....
Note
Last week gold printed a weekly key reversal.
This week the drop continues with a red candle.
I will post a weekly chart in a few hours to explain why we are going to drop in the next 2-3 months.
Note
Silver’s double top neckline is broken.Gold is lagging it should move fast to 2277$.
Note
Just like in silver the dip buyer bulls arrived to buy gold at the trendline yesterday.so we bounced. It’s not going to last for too long though. It’s too late in the intermediate cycle to start to go long the metals. We are going to break the trendline and complete the double top in a few days. Get ready for 2277$.Note
The trendline will break down today and tomorrow we will finally test the neckline at 2277$.
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