Gold has made a marginally high high compared to its peak in 2011. This is generally not a bullish sign.
Usually I would like to see a clean break with plenty of volume and a retest.
Gold is breaking down from a Rising broadening wedge structure with a blow off top that has trapped the Bulls who have taken a long on break of previous 2011 high.
Since the Bull trap formed Gold has had a sharp correction of nearly 20% with trapped bulls abandoning the position.
Now the broadening Wedge structure is breaking down and i see further downside as the stock market shakes off the Evergrande fear and resume its Bull trend into the Final Blow off top into 2022.
This will see selling pressure on Gold as money rotates back into the stock market. Once the stock market has its collapse it will be hard and it will be fast and Gold will have another leg down which will see it break its main trendline and capitulate into the $1550 previous supports zone.
This is the buying op of a lifetime to protect from inflation as after the crash banks and governments will print FIAT into oblivion to try stabilize a failed monitory system.
Support Zone 2 may get tagged as this deflationary event will be the biggest in history and in March when Covid hit Gold sold off over 15% in a week.
Zone 2 is only 20% away from today prices.
Usually I would like to see a clean break with plenty of volume and a retest.
Gold is breaking down from a Rising broadening wedge structure with a blow off top that has trapped the Bulls who have taken a long on break of previous 2011 high.
Since the Bull trap formed Gold has had a sharp correction of nearly 20% with trapped bulls abandoning the position.
Now the broadening Wedge structure is breaking down and i see further downside as the stock market shakes off the Evergrande fear and resume its Bull trend into the Final Blow off top into 2022.
This will see selling pressure on Gold as money rotates back into the stock market. Once the stock market has its collapse it will be hard and it will be fast and Gold will have another leg down which will see it break its main trendline and capitulate into the $1550 previous supports zone.
This is the buying op of a lifetime to protect from inflation as after the crash banks and governments will print FIAT into oblivion to try stabilize a failed monitory system.
Support Zone 2 may get tagged as this deflationary event will be the biggest in history and in March when Covid hit Gold sold off over 15% in a week.
Zone 2 is only 20% away from today prices.
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