Gold's Weakening Bullish Momentum: Technical Analysis Explained
I have been bearish on gold for the past 10 days, primarily due to several reasons, with the main one being the price action on the chart. If you examine the chart, you'll notice a significant pattern: when the price reached its all-time high and then declined, strong buyers quickly pushed the price back to the all-time high within just 20 days. This rapid recovery demonstrated significant buyer strength.
However, the situation changed when the price faced a second rejection. This time, after the price declined, it took about 41 days to return to the same level. This extended period indicates that buyers are now weaker compared to the previous instance, suggesting that sellers are gaining strength. Based on this analysis, I believe that gold is likely to decline to around $2275 soon. After reaching this level, it may experience another bounce and potentially achieve a new all-time high.
Interestingly, a similar pattern can be observed in Bitcoin, which has previously exhibited the same behavior. This reinforces the idea that the current trends in gold may follow a similar path as seen in Bitcoin.
However, the situation changed when the price faced a second rejection. This time, after the price declined, it took about 41 days to return to the same level. This extended period indicates that buyers are now weaker compared to the previous instance, suggesting that sellers are gaining strength. Based on this analysis, I believe that gold is likely to decline to around $2275 soon. After reaching this level, it may experience another bounce and potentially achieve a new all-time high.
Interestingly, a similar pattern can be observed in Bitcoin, which has previously exhibited the same behavior. This reinforces the idea that the current trends in gold may follow a similar path as seen in Bitcoin.
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