TradingView
dRends35
Jun 3, 2021 4:13 PM

GOLD - Another "Safe Haven" Asset In Trouble Short

COMEX:GC1!1W
Gold FuturesCOMEX

Description

⋅
GOLD has rejected sharply off the 0.618 Fibonacci retracement and looks to be on the next leg down. If in a zig-zag ABC correction then price may bottom in the $1500 area towards the end of year. If price has completed a wave 2 however then price could see $1000 again perhaps around end of 2023.

Trade active

⋅
0.618 fractal on LTF also. Two 0.618 rejections on HTF and LTF and this now looks like a great short setup here also down to $1500 area. Will cover more down the road.

Trend AnalysisChart PatternsWave AnalysisGoldFibonacci Retracementsafehaven
Comments
supremetrejdr
⋅
If Gold goes to 1000 $ again BTC will go back to 3000 if not below 3000.
dRends35
⋅
@supremetrejdr, Could be.
bkprofits
⋅
@supremetrejdr, Where is the correlation? Money is being printed left and right with people wanting to hedge against inflation.
supremetrejdr
⋅
@bkprofits, Gold is a stronger asset than Bitcoin.
dRends35
⋅
@bkprofits, Its just one big cat and mouse misinformation game. Both gold and crypto are in a bear market.
dRends35
⋅
@supremetrejdr, @cantremeber,
SmallGiant7
⋅
hello. what about BTC? now it s about 40k..do you think that drop again to 30k or deep? rsi on 1D it 57. thank you
cantremeber
⋅
@cuteBus4870 check out his other posts
SmallGiant7
⋅
i see the other posts....i see the graphics., i ask him if he has the same opinion
supremetrejdr
⋅
@cuteBus4870, and now its at 36k :)
More