Few things make me believe that GOLD is about to go a bit lower here.
This is a monthly chart, so I expect those moves to happen in few months timeframe, not tomorrow.
- Gold has been in overbought levels for over 7 months now.
- Even massive bull moves like the one from 2008 to 2011 always touched the 10 SMA (red one)
- Heikin Ashi candles are showing reversal patterns
- Regular candles are showing reversal patterns
- Stochs are nose diving below the 80 level
On another note - no bearish divergence on the monthly, so something to consider.
I think a minimum of 6% correction from this price is coming in the next 1-2 months and possibly even 16% in the next 3-6 months.
This is a monthly chart, so I expect those moves to happen in few months timeframe, not tomorrow.
- Gold has been in overbought levels for over 7 months now.
- Even massive bull moves like the one from 2008 to 2011 always touched the 10 SMA (red one)
- Heikin Ashi candles are showing reversal patterns
- Regular candles are showing reversal patterns
- Stochs are nose diving below the 80 level
On another note - no bearish divergence on the monthly, so something to consider.
I think a minimum of 6% correction from this price is coming in the next 1-2 months and possibly even 16% in the next 3-6 months.