Gold (XAU) • Macro bearish divergence

There is a lot of hype around gold bull market recently.
But with the rise of Bitcoin as the ultimate store of value. Can gold maintain its legacy of preferred long term store of value any longer?

The 3M chart is showing some signs of concern with a very clear macro bearish divergence.

I see trading bellow 1678 as an early bearish level and 1500 as support range. The question is if this support will sustain the incoming bearish momentum.

I do think that being long Gold here carries a lot of risk specially with lower-timeframes showing signs of weakness going on and this macro double top with a RSI bearish divergence.

Seeing the 3Month RSI marking above the divergence trendlines (or above 73%) would be good criteria/heuristics/rule-set for return to the bullish bias.

Historically speaking the RSI seem to show good synergy with the pace of this Quarterly timeframe.

My RSI still in green but the momentum is visibly fading away and starting to pointing down.

ความคิดเห็น:

The yearly chart also show ongoing developing divergence

ปิดการเทรด ด้วยตนเอง:

Current mecro-economic reasons completely invalidate this idea and so the new chart information.
GOLD is now ultra bullish