Gold in 2023 - Significant move ahead
A lot of messages asking for my thoughts on Gold price action following the ‘Gold or Bitcoin - which is the better hedge for 2023’, idea below. There is obviously a lot of emotions. ‘Gold going to $5k!’, ‘You have no idea what you’re talking about!’. The usual, all bark no bite.
Why so bearish on gold?
1) The notable 3-month bearish divergence continues to print as price action prints triple higher highs with triple lower highs in RSI. The mid-1970s was the last time this occurred. A 50% correction followed. Can you imagine <$1k per ounce? Even at this price it is still cheaper to extract gold from the ground, currently around $850 per ounce as of 2022, mine dependent.
2) The number of oscillators that have confirmed negative divergence is the highest ever in the history of gold price action as measured against the dollar. Had to study that one several times over. You just do not ignore facts like this.
3) RSI rejects the 70 support level. This is perhaps the most bearish signal. Nothing complicated, look left. Nothing ever good happens to price action under this level. To have a confirmed rejection..
For the bulls: You absolutely do not want to see price action break down from 1670 on this chart. Should that happen, <$1k per ounce.
For the bears: You absolutely do not want to see price action close a candle on this 3-month chart @ $2050 . That would take price action over $3k to fulfil the cup and handle pattern gold bugs are talking about.
Ww
Gold or Bitcoin
Why so bearish on gold?
1) The notable 3-month bearish divergence continues to print as price action prints triple higher highs with triple lower highs in RSI. The mid-1970s was the last time this occurred. A 50% correction followed. Can you imagine <$1k per ounce? Even at this price it is still cheaper to extract gold from the ground, currently around $850 per ounce as of 2022, mine dependent.
2) The number of oscillators that have confirmed negative divergence is the highest ever in the history of gold price action as measured against the dollar. Had to study that one several times over. You just do not ignore facts like this.
3) RSI rejects the 70 support level. This is perhaps the most bearish signal. Nothing complicated, look left. Nothing ever good happens to price action under this level. To have a confirmed rejection..
For the bulls: You absolutely do not want to see price action break down from 1670 on this chart. Should that happen, <$1k per ounce.
For the bears: You absolutely do not want to see price action close a candle on this 3-month chart @ $2050 . That would take price action over $3k to fulfil the cup and handle pattern gold bugs are talking about.
Ww
Gold or Bitcoin
Trade active:
Trade active:
And there goes the 2k support for the THIRD time.
Pay attention gold bugs. IF price action does not recover the 2k area by month end then you have yourself a triple top bearish divergence.
Remember Gold is up 700%.
Dollar supply + inflation is no where near that level of appreciation. Be safe!
Pay attention gold bugs. IF price action does not recover the 2k area by month end then you have yourself a triple top bearish divergence.
Remember Gold is up 700%.
Dollar supply + inflation is no where near that level of appreciation. Be safe!
Comment:
PS: All me bearish gold forecasts are void in a US default outcome.
Comment:
The 2-week candle on the chart below will close on Monday.
If you're a gold bull this candle must not close as is. This would be the 3rd confirmation of rejection from 2k. Remember the large bearish divergence on the monthly chart.
If you're a bear, you want to see the current bearish engulfing close as it. That would be confirmation of price action going back down to the 1500 level rather than the 3000+ level the internet is talking about.
2-week
If you're a gold bull this candle must not close as is. This would be the 3rd confirmation of rejection from 2k. Remember the large bearish divergence on the monthly chart.
If you're a bear, you want to see the current bearish engulfing close as it. That would be confirmation of price action going back down to the 1500 level rather than the 3000+ level the internet is talking about.
2-week
Trade active:
Going down. All the way down. The 2-week bear flag has now confirmed. 1600 is all but certain.
2-week
2-week
Trade active:
Gold price action corrects 6% in one day, the strongest rejection yet from the macro resistance shown above. This is a significant warning of the gathering momentum for the coming downside move.
4-day
4-day
BTC
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Allow 3-6 months on ideas. Not investment advice. DYOR
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Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
source: www.ft.com/content/b...16-aa01-6e41f5acdc70
Yeah, today's news.
People of America... I say go for it, show the world how you can be. News is real boring lately.