Gold is close to support levels, take profit from shorts
After an expected drop in gold and dropping out of the rising wedge which was analyzed on my GLD chart down below, gold is very close to finding support at this level. There are support levels that start to form in May of 2022 and did act several times as support. That was the resistance area in august of 2022 and the end of the year and now after the price did break that resistance now it is supported. What used to be resistance tends to become support now, right? Also, there is BigRed which should act as support plus there is a 0.5 FIB retracement area. Too many areas of support not to take profit from the short position a few weeks ago, or at least 50% of the position, the rest would be taken out if touch BigRed.
RSI is close to oversold territory, even though still has room to drop, but that is sign sellers could go away.
MACD ticking lower while both lines fall below the zero line which is more bearish than bullish.
Overall: Gold is now basing at 0.382 fibs area which if doesn't hold will trigger a new strong drop in price. This could also be a nice bear pullback as after Doji candle yesterday and we would see a nasty red candle today but the day had just started so we can't watch that candle. For bear, we need to break down from a low base formation and trigger new sell orders but soon we would enter in the support zone.
For bulls, the only chance is to start buying at this level and hope to support area hold, because if the price drop below that support area, there will be a nasty and long-term bear market in gold.
A major issue for the price of Gold and Silver is the rising Yield which is proof FED will have to rise the FED fund rate, which metals don't like at all. As the bond market is several times bigger than the stock market, gold market, and crypto market together, I personally tend to believe the bond market moves. I am more for taking out the profits and searching for new great opportunities but gold could continue to drop from this level for several more weeks if support area is broken.
RSI is close to oversold territory, even though still has room to drop, but that is sign sellers could go away.
MACD ticking lower while both lines fall below the zero line which is more bearish than bullish.
Overall: Gold is now basing at 0.382 fibs area which if doesn't hold will trigger a new strong drop in price. This could also be a nice bear pullback as after Doji candle yesterday and we would see a nasty red candle today but the day had just started so we can't watch that candle. For bear, we need to break down from a low base formation and trigger new sell orders but soon we would enter in the support zone.
For bulls, the only chance is to start buying at this level and hope to support area hold, because if the price drop below that support area, there will be a nasty and long-term bear market in gold.
A major issue for the price of Gold and Silver is the rising Yield which is proof FED will have to rise the FED fund rate, which metals don't like at all. As the bond market is several times bigger than the stock market, gold market, and crypto market together, I personally tend to believe the bond market moves. I am more for taking out the profits and searching for new great opportunities but gold could continue to drop from this level for several more weeks if support area is broken.
Consistency is the key of success....
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Consistency is the key of success....
Publicações relacionadas
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.