Is GOLD really bearish, people have been screaming that Gold is crashing and that is the end of this current bull market.
That's the problem when you are obsess with short term analysis and price fluctuations.
Gold has a great past 12-18 months. Even without the covid 19 thingy, Gold has staged quite a good move. Looking at the Monthly Chart alone, what we are witnessing at the moment is a market correction.
A correction that happens after Gold has been surging for some time. Correction is just a pause before another continuation. It only get bearish if somehow the chart is showing weaknesses or the inability to hold it prices above the 2000 USD price range.
I don't see any bearishness in the Gold chart, if someone already bought gold in 2019, it is always wise to take some profit and go back to cash especially if you already made some money. Also, it is important to look at the Silver chart and stocks chart as everything is correlated.
We are just witnessing the normal volatilities of September/October.
Another case of retailers always buying high and then panic sell the low.
Also focus on the trendlines, it is bullish as long as it is above these trendlines. Which mean that Gold can stay in this range until 2022 and still considered "bullish". That's why long term trend is very important but most people only obsess with gambling short term.
Don't reach out to me, I have no time.
Regards.
That's the problem when you are obsess with short term analysis and price fluctuations.
Gold has a great past 12-18 months. Even without the covid 19 thingy, Gold has staged quite a good move. Looking at the Monthly Chart alone, what we are witnessing at the moment is a market correction.
A correction that happens after Gold has been surging for some time. Correction is just a pause before another continuation. It only get bearish if somehow the chart is showing weaknesses or the inability to hold it prices above the 2000 USD price range.
I don't see any bearishness in the Gold chart, if someone already bought gold in 2019, it is always wise to take some profit and go back to cash especially if you already made some money. Also, it is important to look at the Silver chart and stocks chart as everything is correlated.
We are just witnessing the normal volatilities of September/October.
Another case of retailers always buying high and then panic sell the low.
Also focus on the trendlines, it is bullish as long as it is above these trendlines. Which mean that Gold can stay in this range until 2022 and still considered "bullish". That's why long term trend is very important but most people only obsess with gambling short term.
Don't reach out to me, I have no time.
Regards.