Gold continues to flash bearish signals and besides the weekly (RSI = 34.620), it is about to turn technically bearish on the monthly timeframe as well (RSI = 48.938, MACD = 40.760, ADX = 33.051). On an even larger scale (3M), we have detected the latest sell indication, as the MACD formed a Bearish Cross.
With the price inside a giant Megaphonoe pattern where all candles have closed inside it, we can expect the current correction to extend as low as its bottom. During Gold's last accumulation phase (2015-2018), it was the 3M MA50 that saved the day and after testing and holding, it started the 2019 parabolic run.
Is this test inevitable?
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
With the price inside a giant Megaphonoe pattern where all candles have closed inside it, we can expect the current correction to extend as low as its bottom. During Gold's last accumulation phase (2015-2018), it was the 3M MA50 that saved the day and after testing and holding, it started the 2019 parabolic run.
Is this test inevitable?
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
Telegram: t.me/investingscope
www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial