Cysolja

Long term view on gold. Down we go!

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
I personally see gold as bearish and under a downward trendline, it’s true trendlines can be drawn to suit whatever your analysis is, however given that gold is a ‘safe haven’ and the All time high with gold which was reached very quickly and was when every country around the world was going into lockdown from covid. So in my opinion is as relevant as a reaction to news, the fact the price very quickly reversed from the all time high price also confirms my thoughts on this. So when drawing my downward trend-line I have drawn from the next highest point. By doing this we can see that gold is respecting this trendline each time creating lower highs each time and every rally is strongly sold, which indicates to me that gold is bearish on medium term and will drop to 1680 support area in the not so distant future.
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