Bulls are getting tired!!! Short

GoldOANDA

Description

⋅ Mar 27, 2020 8:27 PM

Double top at strong 1640 resistance level (dotted red line).

High volume with no significant price change (circled in red). Prices stagnant over the last 24 hours.

Bearish divergence on RSI (solid blue line).

Consolidation triangle between solid black lines.

Price level testing the 50 exponential moving average (solid purple line) and looking to drop below.

Consolidation on volume based price (circled in red).

Thoughts?

Comment

⋅ Apr 16, 2020 9:05 PM

Here is an update on my outlook for gold:

Comments

porretta.matt

⋅ Mar 28, 2020 1:06 AM

I noticed the bearish divergence about an hour after I bought a call on GOLD. *facepalms*

I might sell Monday morning and wait a week.

salehmostafa007

⋅ Mar 28, 2020 2:56 AM

@porretta.matt, same here lol

PerryWave

⋅ Mar 28, 2020 5:16 AM

@porretta.matt, Lol nice! Yeah it may not be too late to just close those out Monday at market open and switch em around to some puts!

PerryWave

⋅ Mar 28, 2020 5:16 AM

@salehmostafa007

sfcahya

⋅ Mar 28, 2020 3:28 AM

may you can sell gold in area 1627

porretta.matt

⋅ Mar 29, 2020 12:41 AM

Zoomed out a little bit. :D

keifer

⋅ Mar 27, 2020 9:12 PM

Ver nice.

ChartProphet

⋅ Apr 1, 2020 8:29 PM

Very nice work!

UnknownUnicorn170838

⋅ Mar 28, 2020 1:41 PM

There is no divergence here. Weak analysis without clear factors.

PerryWave

⋅ Mar 28, 2020 4:50 PM

@Covax, Sorry to inform you sir that this is actually a textbook style bearish divergence. I encourage you to look it up, maybe you'll learn a thing or two!