XAUUSD appears to have broken uptrends on the weekly and lower time frames of 1D-4h, which was certainly moving in a channel.
Gold appears to be weakening as the price has fallen by almost 28-34% in the last 5-10 days. The price is below the 2080.0 resistance level on the charts, and if the price remains below this level, then the stock could show a short-term decline of 90% (outlook) or 75% (outlook) in the long-term if the price drops below $1,880, Gold will likely peak around $1,680 before reaching a new high in the next few years.
When we look at the big picture for gold, there is a triple top right in front of has and that in itself is one of the bearish signals and when we look at the trend, it is clear at first glance that the price has broken the general uptrend and made a retest right in the resistance zone (value area), the price reached resistance 3 times in a row and failed to break through, so why would this happen now so soon? well I guess there are not many options but just to play along and move towards the support zone.
Gold appears to be weakening as the price has fallen by almost 28-34% in the last 5-10 days. The price is below the 2080.0 resistance level on the charts, and if the price remains below this level, then the stock could show a short-term decline of 90% (outlook) or 75% (outlook) in the long-term if the price drops below $1,880, Gold will likely peak around $1,680 before reaching a new high in the next few years.
When we look at the big picture for gold, there is a triple top right in front of has and that in itself is one of the bearish signals and when we look at the trend, it is clear at first glance that the price has broken the general uptrend and made a retest right in the resistance zone (value area), the price reached resistance 3 times in a row and failed to break through, so why would this happen now so soon? well I guess there are not many options but just to play along and move towards the support zone.
