🥇 Gold Ready For Declines? 🥇

🥇 Gold Ready For Declines?

🥇 Nearest strong support zone: around the 0.5 fibo level of the entire downward wave (1840)

🥇 Nearest strong resistance zone: around the 0.618 fibo level of the entire downward wave (1890)

🥇 Technical environment:

- Moving averages: Uptrend

- MACD: Downtrend (Divergence)

- RSI: Downtrend (Divergence)

- Supertrend: Uptrend

🥇 Price action: gold during its three-month rally from around the 1600 levels landed at almost $1900. As I wrote in my post 3 months ago about possible increases, I didn't think that we would get that high in such a fast pace. It is evident that at current levels you can hardly find people who will buy gold at such high prices. Looking at the totality of current increases and gold's past. I expect the implementation of a new downward wave at this point, which with its range can fall even to the area of $ 1700.

🥇 The scenario I'm playing is the start of declines and keeping an eye on the situation on the US dollar. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

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