Gold’s had a bad week, but long term, what a chart!
Taking a step back here and looking at the slow burning monthly view, gold’s been in an uptrend so long, since 2002.
However, after tanking recently from a triple top and losing the 200 day SMA, the precious metal’s looking for buyers on the way down.
The above chart says the first bounce will be the 200 week SMA incoming, but it could head further south from there. If it does, the Fibonacci channel levels could be where. Could it even get all the way back to hit the mean, the first time since 2019?
What’s your price target?
Taking a step back here and looking at the slow burning monthly view, gold’s been in an uptrend so long, since 2002.
However, after tanking recently from a triple top and losing the 200 day SMA, the precious metal’s looking for buyers on the way down.
The above chart says the first bounce will be the 200 week SMA incoming, but it could head further south from there. If it does, the Fibonacci channel levels could be where. Could it even get all the way back to hit the mean, the first time since 2019?
What’s your price target?