Gold has been in a downtrend since it's high on March 8.
Things to note:
- we have a bearish alignment of the SMAs i.e. short-term moving averages below long-term ones
- bearish cross of 100 below 200 back on Aug 10
- bearish cross of 100 below 300 back on Aug 25
- bearish cross of 21 below 50 on Sept 5
- price is holding onto 9SMA + major LT support between $1670 - $1710
The reason why the bears have had a hard time breaking the price below $1670 is because this was a major liquidity zone dating back from the 2011 top & until price finally capitulated in early 2013, so that was two solid years of battle.
IF prices do breakdown from here, the next range would be $1500 - $1650.
With that being said, gold is probably the oldest monetary instrument in our history, and as such, usually moves incredibly slow.
The bullish case is a bit tough here. There's a major uphill battle against the overhead SMAs & the $1800 resistance level.
Goodluck with your investment and remember, if you've done your research & due-diligence, it means nothing without adding a considerable amount of patience as well.
Learnt that one over the years
Things to note:
- we have a bearish alignment of the SMAs i.e. short-term moving averages below long-term ones
- bearish cross of 100 below 200 back on Aug 10
- bearish cross of 100 below 300 back on Aug 25
- bearish cross of 21 below 50 on Sept 5
- price is holding onto 9SMA + major LT support between $1670 - $1710
The reason why the bears have had a hard time breaking the price below $1670 is because this was a major liquidity zone dating back from the 2011 top & until price finally capitulated in early 2013, so that was two solid years of battle.
IF prices do breakdown from here, the next range would be $1500 - $1650.
With that being said, gold is probably the oldest monetary instrument in our history, and as such, usually moves incredibly slow.
The bullish case is a bit tough here. There's a major uphill battle against the overhead SMAs & the $1800 resistance level.
Goodluck with your investment and remember, if you've done your research & due-diligence, it means nothing without adding a considerable amount of patience as well.
Learnt that one over the years