Gold still manages to push further up. This is most likely due to the heavy volatility and uncertainty around the indices. Right now Gold is touching long term trend support that turned into a resistance after we broke it earlier this year. Next to that, the price has been moving up in a curve like structure which is never a sustainable move for the long term. Next to that, RSI is starting to near overbought areas and we are facing a very heavy resistance area soon. This resistance are is the area of bearish wave 2 that started at the previous interest hike of the FED. I would be very surprised to see this all break up. if it happens, it would be massive and we could be going to test 1300 again, even 1360 is possible then.
For now I am bearish, I expect a bearish movement after we are reaching overbought prices and when the price reaches the heavy resistances that lie ahead. From there a move down to the parabolic support line where we go sideways up for some days. Eventually I expect a break of that parabolic support to continue for more down-movement.
For now I am bearish, I expect a bearish movement after we are reaching overbought prices and when the price reaches the heavy resistances that lie ahead. From there a move down to the parabolic support line where we go sideways up for some days. Eventually I expect a break of that parabolic support to continue for more down-movement.