Yearly gold chart is definitely not looking at all. with massive bearish divergence on RSI and what looks to be a potential top.
Uganda finds 31 mega tons of gold (supposedly) that would double the supply. Also there is a rumored massive supply in the grand canyon. Let's not forget about the Rumored asteroid golds miming lol. Take all of that and all the fake paper gold being thrown around. These pressures will make it hard for this precious asset to grow at least for near term. Near term when you talk about gold is 10 year period not 6 months. Let's not even mention the rise and success of Bitcoin.
Drawn above are support levels.
Not financial advice.
Uganda finds 31 mega tons of gold (supposedly) that would double the supply. Also there is a rumored massive supply in the grand canyon. Let's not forget about the Rumored asteroid golds miming lol. Take all of that and all the fake paper gold being thrown around. These pressures will make it hard for this precious asset to grow at least for near term. Near term when you talk about gold is 10 year period not 6 months. Let's not even mention the rise and success of Bitcoin.
Drawn above are support levels.
Not financial advice.
Comment:
Although the RSI was weak price has shown strength by closing 2022 above the support line and now in 2023 is pushing on new highs. This a 12 month chart so the confirmation is still very early for 2023 as it will come at years end. Lets see how it closes March.
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