Gold SELL - Retesting Previous Monthly High from Sept 2011
Here are my reasons for why I think Gold is going to be bearish for the next 1-3 weeks.
1) Price broke through the previous monthly ceiling previously formed in Sept 2011 with a strong downward momentum, where the structure has been retesting that level multiple times after price broke through on Sept 22, 2020
2) After the strong downward momentum from Sept 20 - Sept 24, price has been steadily but slowly climbing back to the previous monthly level forming a nice retracement.
3) On the Daily, we can see there’s room for price to test the longstanding trend line that’s been forming since June 2019
4) On the 4hr, you’ll see price broke a trend line on October 13th, and has been skirting outside the trend line ever since.
1) Price broke through the previous monthly ceiling previously formed in Sept 2011 with a strong downward momentum, where the structure has been retesting that level multiple times after price broke through on Sept 22, 2020
2) After the strong downward momentum from Sept 20 - Sept 24, price has been steadily but slowly climbing back to the previous monthly level forming a nice retracement.
3) On the Daily, we can see there’s room for price to test the longstanding trend line that’s been forming since June 2019
4) On the 4hr, you’ll see price broke a trend line on October 13th, and has been skirting outside the trend line ever since.