GOLD SHORT LONG TERM SELL PENDING AT 1747
This chart is on the weekly chart. Over the last few years, Gold has formed an ascending broading wedge price pattern.
Once price builds it winds up to a break in either direction. As the fed tightens and increases interest rates this will push Gold into a strong bearish market.
This is likely to take several months to play out, it could be by end of January or February. Everyone thinks gold will go bullish . That could be completely wrong as with inflation individuals with start using alternative investments.
My methodology will be to use a pending SELL order at 1747 with a TP at 1700 - if it breaks below then looking towards 1681. There will be a break for first win, then a retest following a larger bearish trend .
First target is 1681/1700 with even a long term target of 1450 or lower.
Once price builds it winds up to a break in either direction. As the fed tightens and increases interest rates this will push Gold into a strong bearish market.
This is likely to take several months to play out, it could be by end of January or February. Everyone thinks gold will go bullish . That could be completely wrong as with inflation individuals with start using alternative investments.
My methodology will be to use a pending SELL order at 1747 with a TP at 1700 - if it breaks below then looking towards 1681. There will be a break for first win, then a retest following a larger bearish trend .
First target is 1681/1700 with even a long term target of 1450 or lower.
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