The Gold Odyssey - the third lower high
Heads up previously, had already mentioned previously, there was bullishness in Gold, but not enough and it was way too stretched to be at the top of the (constipation) range. The weeks went by and few things are very clear here:
1. There is a third lower high (not bullish)
2. Gold is breaking back into the range (really not bullish)
3. The MACD is weakening, the VolDiv has crossed down with a lower low (very not bullish)
4. The TD Sequential Setups are showing that the primary trend is still bearish, from the Buy Setup in early 2021. This was never reversed, although price closed above the TDST (green dotted line at 1962.50). So now the deal is like this... EITHER the current Setup completes over the next two weeks with Gold popping up definitively, OR it breaks down this week cancelling the current Setup, keeping the bearish primary trend, and closes below 1962.50. I suspect the latter will pan out... appears more probable to me.
Downside target 1820-1840, else if closes below 1800, can expect below 1700.
Wait and watch...
1. There is a third lower high (not bullish)
2. Gold is breaking back into the range (really not bullish)
3. The MACD is weakening, the VolDiv has crossed down with a lower low (very not bullish)
4. The TD Sequential Setups are showing that the primary trend is still bearish, from the Buy Setup in early 2021. This was never reversed, although price closed above the TDST (green dotted line at 1962.50). So now the deal is like this... EITHER the current Setup completes over the next two weeks with Gold popping up definitively, OR it breaks down this week cancelling the current Setup, keeping the bearish primary trend, and closes below 1962.50. I suspect the latter will pan out... appears more probable to me.
Downside target 1820-1840, else if closes below 1800, can expect below 1700.
Wait and watch...
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