Gold is about to crash or not?
Updated
Hello guys first of all we would like you to check our previous analysis where we were predicting this outcome from two months but you were busy checking others traders charts whom solo purpose is to make there charts and analysis harder,i don't know but this makes them feel superior i think and they are right,you people also think that those traders are best whom analysis are complicated enough which you can't understand right? wrong we don't support this idealogy,if you are understanding what i am trying to show there is no point to even post that kind of ideas,
ok enough talk let's come to our analysis,overall our long term bias is short in gold and silver and below we are listing the reason why
1- The USDX moved to new 2018 highs in terms of both intraday and closing prices
2-the USD is now likely to move to the next resistance or even higher
3-The next two target prices are at about 94 and 95. The former is provided by the December 2017 top and the latter is based on the October / November top
4- during yesterday’s trading, the USD didn’t move back below the previous May high. Instead, it closed a bit higher. This means that the breakout is being confirmed and that the mentioned bearish implications for PMs are getting more bearish.
5-What’s significant about gold is that the decline took place on enormous volume – the last time we saw a daily decline on volume that was even bigger, was in November 2016. That was the beginning of a powerful and sharp decline
6-The bullish factor here is the rising, long-term support line based on the December 2016 and December 2017 bottoms. It was just reached yesterday, which means that gold could show some temporary strength
summary- we can expect a sharp decline in the coming days and weeks in gold,silver and mining stocks
ok enough talk let's come to our analysis,overall our long term bias is short in gold and silver and below we are listing the reason why
1- The USDX moved to new 2018 highs in terms of both intraday and closing prices
2-the USD is now likely to move to the next resistance or even higher
3-The next two target prices are at about 94 and 95. The former is provided by the December 2017 top and the latter is based on the October / November top
4- during yesterday’s trading, the USD didn’t move back below the previous May high. Instead, it closed a bit higher. This means that the breakout is being confirmed and that the mentioned bearish implications for PMs are getting more bearish.
5-What’s significant about gold is that the decline took place on enormous volume – the last time we saw a daily decline on volume that was even bigger, was in November 2016. That was the beginning of a powerful and sharp decline
6-The bullish factor here is the rising, long-term support line based on the December 2016 and December 2017 bottoms. It was just reached yesterday, which means that gold could show some temporary strength
summary- we can expect a sharp decline in the coming days and weeks in gold,silver and mining stocks
Trade active
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.