TradeTheStructure

Gold looks weak and set for a major move lower

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold on the Daily timeframe looks weak and coming off a major double top could mean bears are set to give it a hammering. Price is starting to hold a key lower high and drag in more sellers for the squeeze lower to break the hearts of the Gold Bugs. There is still a lot to play out and the pattern could easily fail but Gold has not been an inflation hedge (at all time high inflation levels), it has not been a safe haven or ran up with commodity prices. It has simply been a 'currency' and moved with the USD. If the USD can take a hit, then Gold may see a rally but for now, the USD is heading higher or at least not coming down until inflation is under control which is a long way off yet.

Trade what you see not what you think!
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.