GOLD: right shoulder is in the make
Hello trader, following my post on GOLD, I believe that it is time that we can short gold as its more likely to be heading down along with the indices after being overbought on multiple bars and divergence in place.
an area to watch for is indicated on the chart, look to the left shoulder at the lowest point and that should be your target, take in consideration the falling wedge upper resistance that will act as support now, and most importantly the weekly channel support, that is like a metal wall, will take tolls on GOLD to break it, which is unlikely, but if it does break then it wont be before an extended period of consolidation on top of it.
an area to watch for is indicated on the chart, look to the left shoulder at the lowest point and that should be your target, take in consideration the falling wedge upper resistance that will act as support now, and most importantly the weekly channel support, that is like a metal wall, will take tolls on GOLD to break it, which is unlikely, but if it does break then it wont be before an extended period of consolidation on top of it.
Note
it looks like that gold is heading first to 1956 before the big drop. replication of what happened in Nov 2020. SoI long gold here with target 1955.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.