Gold downtrend - monthly analysis

Couple of signals to outline bearish trend on gold

1. Lines work until they don't
- blue trendline has been providing confirmation for long term uptrend since 2019
- however line is getting tested more and more, each test increases probability that line breaks

2. Lower high formed mid-May
- gold briefly broke previous ATH in august 2020 just to pullback
- few tests of previous ATH, always closing bellow
- prices above 1900 provide shorting opportunity, otherwise short on trendline breakout

3. Hidden bearish divergence
Comparing price action with top gold producer Newmont Corporation shows hidden bearish divergence

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