After publishing a bullish chart for gold we now come to the bearish outlook. Currently there are more bearish signals on the higher time units for me than bullish ones. Today I only analyze the chart. I have already shown a fundamental and psychological analysis in the bullish gold chart.
daily chart
currently in a triangle formation coming from a downtrend which should be followed by another downtrend. Should the long term trend line from August break the next stop will definitely be $ 1050
weekly chart
currently in a sideways channel, no considerable movement that would confirm a new uptrend has occurred so far
month chart
The most interesting chart for me. If I compare the current chart with the 1980-1985 chart, I see very similar patterns. So I expect a re-test of $ 1000 supports before we can start on a next rally. Another strong bearish signal is crossing of yellow 50D MA and red 100D MA lines.
daily chart
currently in a triangle formation coming from a downtrend which should be followed by another downtrend. Should the long term trend line from August break the next stop will definitely be $ 1050
weekly chart
currently in a sideways channel, no considerable movement that would confirm a new uptrend has occurred so far
month chart
The most interesting chart for me. If I compare the current chart with the 1980-1985 chart, I see very similar patterns. So I expect a re-test of $ 1000 supports before we can start on a next rally. Another strong bearish signal is crossing of yellow 50D MA and red 100D MA lines.
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
