There are a lot of predictions regarding gold and how it's going to start its bullrun and a move to 5000 in the next 1-5 years but I really don't see it that way.
In this 6 month candle chart you can see that in the next 7days we will be closing and confirming what seems to be a potential "Gravestone Doji" signalling a trend reversal .
Also we are inside a massive ascending wedge which is a bearish pattern and we have been in the monster 22 year run which hit 2.618 . So how far is gold going to realistically run? with the 4.236 extension not that far off.
I just don't see it in the charts for gold. My bet is gold breaks down from here and goes back to 1.618 for a couple of years after its mega 22 year run like it did after the blow off top of 1980.
It's 2022 not the year 2000, investors in this time period are leaning towards cryptocurrency more than gold , nobody has time for gold , silver on the other hand is looking a lot better.
In this 6 month candle chart you can see that in the next 7days we will be closing and confirming what seems to be a potential "Gravestone Doji" signalling a trend reversal .
Also we are inside a massive ascending wedge which is a bearish pattern and we have been in the monster 22 year run which hit 2.618 . So how far is gold going to realistically run? with the 4.236 extension not that far off.
I just don't see it in the charts for gold. My bet is gold breaks down from here and goes back to 1.618 for a couple of years after its mega 22 year run like it did after the blow off top of 1980.
It's 2022 not the year 2000, investors in this time period are leaning towards cryptocurrency more than gold , nobody has time for gold , silver on the other hand is looking a lot better.
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expect a big move down if this breaks , not looking good
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I mean there is bearish divergence on the 1 year candle! ,RSI doing the same thing it did back in 1980 , I just hear these crazy 5k gold calls and just don't see it.