Gold: The Emotive TradeGold, the goldbug's blessing & curse, a precious metal of some serious conspiracy around market rigging. Here we see the chart setup that is developing dominated by worrying signs:
The Bad
1. The blue line represents overhead resistance, ideally would have loved price to touch that.
2. Price has carved a triple top near all-time highs.
3. We ended June with a swing high, usually when gold has a swing high, it does not immediately reverse course.
4. Price going higher but RSI lower
The Good
1. Price action can be construed to be forming an inverse H&S but ideally it must form after downtrend.
2. 200 month moving average is rising so if price get beat down, the support line.
If price goes down, how quickly will it make it to the pink support line. The alternative view is that the black lines are a bull-flag so price might not go all the way to the pink support line. We have enough uncertainty to get bulls or bears caught on the wrong side but we have the sign posts to guide trading.
