Gold just setting up a nice top...
Technically, Gold is setting up a series of lower highs and should be testing the recent lows soon. The breach below to close below the red support line of 1848 in the next two weeks should see Gold finally retracing decently.
MACD should break down into the bearish territory, and the Relative price strength also turn negative.
This premise appears supported with the non-commercial net positions (orange line, lower panel) getting less net long and about to break down the trendline support; as are the Top 8 traders net positions being more net short (yellow line, lowest pane) having already broken th dip trend support line.
Price target expected of about 1600 in December 2020.
MACD should break down into the bearish territory, and the Relative price strength also turn negative.
This premise appears supported with the non-commercial net positions (orange line, lower panel) getting less net long and about to break down the trendline support; as are the Top 8 traders net positions being more net short (yellow line, lowest pane) having already broken th dip trend support line.
Price target expected of about 1600 in December 2020.
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