📊 Gold Headed Towards $1,855 | Multiple Signals, Short-Term TF

➖ 3-Dec Gold Futures (GC1!) produced a session with a long upper wick. The session closed green but was immediately followed by multiple red high volume candles, producing a bearish pattern.

➖ 28-Dec Gold Futures (GC1!) moves below EMA10 on the 4H timeframe, confirming a lower high compared to 3-Dec. While this is happening, trading volume continues to decrease. The RSI entered the bearish zone.

All these are bearish signals. When combined, they work to denote a strong potential for additional bearish action.

For these signals and chart setup to be negated and be considered bullish, a break above $2,152 (last high) of multiple candles would need to happen. If there is a move to the upside that fails to reach or break this major high point, it would strengthen the bearish potential.

Bitcoin (Cryptocurrency) & Gold have been correlated positively for a long while now.

Thank you for reading.

Namaste.