GOLD LONG TERM CHART
Updated
Not much to say here other than we're overextending to two MASSIVE resistance numbers, which break down into multiple short term resistance lines, which all occur in the marked zone. Unless gold decides to really take off because of the UFO's, then I'd say, the marked sell zone will be around a top.
How far does it fall? no clue, but trends and retracement numbers again all line up on multiple charts.
Where would I place my money instead? Lol, probably cash, I'd rather miss a few extra percentages from selling early and have a whole lot of money to buy any sizeable dip.
Think Covid lockdown trading part 2, followed by one hell of a crash, followed by a jump to all time highs without looking back. Tech is exponential due to DATA.
I'd imagine the goal is to try and lock down data and then sell that to other companies.
How far does it fall? no clue, but trends and retracement numbers again all line up on multiple charts.
Where would I place my money instead? Lol, probably cash, I'd rather miss a few extra percentages from selling early and have a whole lot of money to buy any sizeable dip.
Think Covid lockdown trading part 2, followed by one hell of a crash, followed by a jump to all time highs without looking back. Tech is exponential due to DATA.
I'd imagine the goal is to try and lock down data and then sell that to other companies.
Note
bottom side of trend now means bearish trading in a bullish direction. 3k or 1500 depending on the break not sure yet.
I still like the short position, but something is going on in the market fairly soon. Some weird news could shake things up and really pump gold in the short term. Which would then allow for a nice dip down to 1500.
Note
close but I definitely didn't pick it climbing the bottom side of the trend as a means to the top price target, but I've seen it before so it's not unreasonable move wise. Either way, CAREFUL AT THESE LEVELS.
Note
a rejection around 2800 or slightly over, maybe even just breaking 3000 for a quick second is what can trigger the price to drop down to the 1600 range where it has some pretty decent support, where even more support picks up at 1200 should it go below. Either way, again, careful at these levels as it's well within range to reject the trend and rsi on the daily and weekly are both bullish technically however they are both nearing or at the top and you might expect to see downside coming. Due to the steep move up, I'd expect the drop to be quickly in a few stages.
Main point, 2800 is a be careful range, buying over 3000 is probably a bad idea, but your money, your decision. Good luck!!
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