Couple of signals to outline bearish trend on gold
1. Lines work until they don't
- blue trendline has been providing confirmation for long term uptrend since 2019
- however line is getting tested more and more, each test increases probability that line breaks
2. Lower high formed mid-May
- gold briefly broke previous ATH in august 2020 just to pullback
- few tests of previous ATH, always closing bellow
- prices above 1900 provide shorting opportunity, otherwise short on trendline breakout
3. Hidden bearish divergence
Comparing price action with top gold producer Newmont Corporation shows hidden bearish divergence
Ciao
1. Lines work until they don't
- blue trendline has been providing confirmation for long term uptrend since 2019
- however line is getting tested more and more, each test increases probability that line breaks
2. Lower high formed mid-May
- gold briefly broke previous ATH in august 2020 just to pullback
- few tests of previous ATH, always closing bellow
- prices above 1900 provide shorting opportunity, otherwise short on trendline breakout
3. Hidden bearish divergence
Comparing price action with top gold producer Newmont Corporation shows hidden bearish divergence
Ciao