The long term gold trend looks like it has entered a correction phase toward the bullish support trend line. There are now two monthly Heikin Ashi red candles. The bearish trend is to be confirmed by a third one. It is also signaled by a death cross on the MACD.
The RSI is receeding after a strong overbought period and leaves ample room for the correction to carry on until 2022~2024 which could be the next prospective buy zone (~1400 USD Zone).
Please bear in mind, this is a very long term trend analysis, traders will have more short term opportunities on other timeframes.
Let me know your biews in comments. Always glad to learn from others :)
The RSI is receeding after a strong overbought period and leaves ample room for the correction to carry on until 2022~2024 which could be the next prospective buy zone (~1400 USD Zone).
Please bear in mind, this is a very long term trend analysis, traders will have more short term opportunities on other timeframes.
Let me know your biews in comments. Always glad to learn from others :)
