Gold
Updated
Gold might likely dump. Read this thread.
Note
Gold on the monthly timeframe, had made a new all-time high this year around August (just like bitcoin did) since 2011. After that, there was great rejection from that area and price is barely surviving at the marked zone (previous ATH marked).
I also marked out another zone below which served as a neckline (which was retested) for the former double top identified on the chart so we can say that is a confirmed SR zone. Could dump till around that marked region? Let’s find out in lower timeframes.
Note
On the daily timeframe, market is clearly in a downtrend with the structures identified with its supposed outcome.
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On the 4 hour timeframe, market has broken the support of its range and has just retested the resistance area of that zone. Could this be a bearish run?
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So that is the end of my analysis. I usually do this on my telegram channel to help fellow traders take appropriate decisions in the market.I am not allowed to drop links here. So please search for ‘@markettfanalysis’ on telegram and join the channel for more and constant updates. Don’t forget to also leave a comment below. Thank you.
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