THIS IS JUST MY THOUGHTS AND ANALYSIS
From what I can see looking at the monthly chart gold is set up for a massive drop, its made an all-time high, there has been hardly any correction and it's just completely flown away from the trendline (lol)
I can see a massive amount of divergence on all timeframes and a huge amount of upwards momentum. The last time this occurred the price dropped quite dramatically but then rose just as fast.
If price breaks the 2 levels of support marked above then we can expect to see another big drop to the support level below that or potentially even further.
Obviously price can do what it wants and we just have to follow it but it's a nice thought.
From what I can see looking at the monthly chart gold is set up for a massive drop, its made an all-time high, there has been hardly any correction and it's just completely flown away from the trendline (lol)
I can see a massive amount of divergence on all timeframes and a huge amount of upwards momentum. The last time this occurred the price dropped quite dramatically but then rose just as fast.
If price breaks the 2 levels of support marked above then we can expect to see another big drop to the support level below that or potentially even further.
Obviously price can do what it wants and we just have to follow it but it's a nice thought.