It's possible gold breaks below support and tests the previous swing low, and the same is true of the S&P500 index. It appears to be tracing a similar pattern, and currently looks toppy . It'd be a strange ocurrence, to have the market and gold correlate, but that seems to be the case here. Conclusion: gold is a risk asset? Increasing risk of a Fed rate hike, and deflationary crisis fears looming?
Right now, the clearest timeframe has been the weekly and monthly for gold , and I will wait for the daily to look very before going long gold again, to rejoin the potential uptrend seen in these larger timeframes. For the time being, I'd reccomend standing aside, or looking to short it if we break support here. Rgmov is warning bulls to be cautious with size, since it has broken down ahead of price, so, do your due diligence.
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