GOLD Might Face a Major Sell-Off Soon
GOLD has been following a descending wedge since last summer. The elections caused a surge in demand, but things went better than expected and risk hedging died off.
With the current macro political and economic climate I see that the demand for gold is dying, which would cause the price to fall.
The descending wedge pattern is a classically bearish pattern, where the price makes lower highs but keeps on bouncing from the lower support line. Wait for the price to close below the yellow line before entering a short position on gold.
Consider support 1 and support 2 as good opportunities to take some profits. These numbers are chosen since they are based on nice round numbers.
For reference, check out my other post about my multi-year bearish analysis of gold.
With the current macro political and economic climate I see that the demand for gold is dying, which would cause the price to fall.
The descending wedge pattern is a classically bearish pattern, where the price makes lower highs but keeps on bouncing from the lower support line. Wait for the price to close below the yellow line before entering a short position on gold.
Consider support 1 and support 2 as good opportunities to take some profits. These numbers are chosen since they are based on nice round numbers.
For reference, check out my other post about my multi-year bearish analysis of gold.
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