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AlanSantana
Nov 4, 2020 11:54 AM

Gold Spot (XAU) Going Bearish... Short

FX:XAUUSD1W
Gold/U.S. DollarFXCM

Description

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XAUUSD (Gold Spot) is now leaning towards the bears... RED.

We have a new All-Time High hit this year back in August, Gold peaked at $2074.98.

This is the highest price ever for an ounce of gold based on this chart.

We have a few interesting signals to look at:

1) Bearish divergence is true with the MACD and RSI.
As Gold hit a new high, both indicators hit lower highs.

2) Strong bearish cross on the MACD. The MACD is now trending lower.

3) The RSI has been dropping since it peaked back in August.

Gold Spot might be setting up to print a bearish wave similar to what happened back in September 2011.

If this wave does not happen in full, we are still bearish on the short/mid-term.

I will share a new trade idea if the chart changes.

Namaste.

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Comments
emrelg
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again epic failed again you
AlanSantana
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@emrelg, A complete disaster...

Thanks for the support.
Harry_Seldon
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Gold money flowing into Bitcoin :)
Just kidding.

I would bet on a gold retrace too but I stay long, i'm not trying to outperform the market. Gold should x2-x3 within the next few years. (given the macro context, and TA)
AlanSantana
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@Harry_Seldon, Completely agree.
RyodaBrainless
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Thank you, Master. This is a treasury
AlanSantana
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@RyodaBrainless, Glad to know you like it.

Namaste. :)
ZainabSloan
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again time proven you are mistaken
AlanSantana
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@ZainabSloan, My XAUUSD charts have been spot on.

Just look in my profile, great results.

I spotted the top and called the bullish wave before it happened.
Adven_Rader
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World is a mess, based off 2008 GFC interest rates should stay at 0% for this entire decade. Add some inflation and real yields go further negative only boosting gold. Big bull for next 3-5 years.
SSJTAYVO
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