Gold collapse imminent? 7hr chart
Zaktualizowano
Price action on Gold since August as shown on the above 7hr chart.
A Euphoric rally in the last 3 months has Gold bugs jubilant in celebration with a record 48% win from September 2011 (Ignore the 480% return of the S&P 500 in the same period).
There are now messages aplenty calling for 5k and beyond. Who knows. One thing I do know, a common theme throughout the messages, people are euphoric. Market tops print with euphoria.
Now this idea is not about who is wrong or who is right, congratulations if you've made a profit. The point of the post is to make sure profits are realised. A profit on paper is not a win and the bubble may now be about to pop. 90% of folks long on gold will not collect the recent gains.
Why might the party be about to end?
A few reasons..
1) Price action support is broken. This is also true for RSI.
2) Throughout history RSI above 80 on the 3 week chart (below) has been a warning shot for extreme overbought conditions. Look left. Corrections between 20% and 50% are recorded.
3) Price action is at historical macro resistance (see 2 month chart below).
Is it possible this time is different? Sure.
Is it probable? No.
Ww
3 week
2 month
A Euphoric rally in the last 3 months has Gold bugs jubilant in celebration with a record 48% win from September 2011 (Ignore the 480% return of the S&P 500 in the same period).
There are now messages aplenty calling for 5k and beyond. Who knows. One thing I do know, a common theme throughout the messages, people are euphoric. Market tops print with euphoria.
Now this idea is not about who is wrong or who is right, congratulations if you've made a profit. The point of the post is to make sure profits are realised. A profit on paper is not a win and the bubble may now be about to pop. 90% of folks long on gold will not collect the recent gains.
Why might the party be about to end?
A few reasons..
1) Price action support is broken. This is also true for RSI.
2) Throughout history RSI above 80 on the 3 week chart (below) has been a warning shot for extreme overbought conditions. Look left. Corrections between 20% and 50% are recorded.
3) Price action is at historical macro resistance (see 2 month chart below).
Is it possible this time is different? Sure.
Is it probable? No.
Ww
3 week
2 month
Zlecenie aktywne
Market resistance confirmed.
Take profits.
Zlecenie aktywne
4 Day Gravestone DOJI print with confirmation.
Is Gold about to crash 25% to 2k for a support test?
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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