Gold Might Enter A Major Bear Trend

19 May 2020

The price of Gold is on the verge of a major decline. The recent decline to the bottom of the rising wedge that started on March 09, 2020 triggered a massive crash in Bitcoin and other cryptocurrencies. That decline would be minuscule compared to what we risk here if XAUUSD crashed below the rising wedge. It could have a crippling effect on Bitcoin and that is also one of the reasons why I expect BTCUSD to decline below 3k this year and for Gold to decline to $1,500 and lower levels.

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21 May 2020

Not

Broke below rising wedge as expected. Now we need to see a break below this key support.

21 May 2020

Not

Key support break. Bearish.