"GOLD WILL FALL!" BEARISH TREND CONTINUES
Since the beginning of the year (Jan 5 to be exact) Gold has been on a bearish trend. On the chart, I've marked all the key price areas. Just based on what I'm seeing on the daily charts and considering upcoming news, I predict that Gold will continue to fall.
Some verifying factors:
-Price broke the previous bull candle high 1716.68
-RSI approaching 50 (42.48)
-Approaching March 4 bear candle high (1722.93)
-Will test and maybe pass through, but will turn around
-Candle has barely gone higher than the moving average
-Federal Budget news coming out tomorrow (March 10)
The bulls have not provided enough strength for the trend to reverse. There have also been no candle formats to support a reversal either.
Some verifying factors:
-Price broke the previous bull candle high 1716.68
-RSI approaching 50 (42.48)
-Approaching March 4 bear candle high (1722.93)
-Will test and maybe pass through, but will turn around
-Candle has barely gone higher than the moving average
-Federal Budget news coming out tomorrow (March 10)
The bulls have not provided enough strength for the trend to reverse. There have also been no candle formats to support a reversal either.
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