Warnign warning, Gold is about to crash
Gold is about to crash hard. It is forming a bearish reversal rising wedge pattern and for today (Friday 12 May) it's breaking down from it. Very bad sign for the Bulls.
Also, it formed a shooting star reversal pattern at the top of the leg, which is a bearish signal.
In the end, RSI is confirming weakness in the price with huge bearish divergences.
Conclusion - it seems Gold is in huge trouble. It needs to move today very strongly to the up to heal itself otherwise blue support area could be targeted in the next several months.
Blue dotted line could act as first target but I would say it will act only as a short live bounce
Also, it formed a shooting star reversal pattern at the top of the leg, which is a bearish signal.
In the end, RSI is confirming weakness in the price with huge bearish divergences.
Conclusion - it seems Gold is in huge trouble. It needs to move today very strongly to the up to heal itself otherwise blue support area could be targeted in the next several months.
Blue dotted line could act as first target but I would say it will act only as a short live bounce
Consistency is the key of success....