Gold is on the way to transforming a Bat Formation in One month. And right now at the highest high of resistance. There is still a chance that Gold would be retest and touch or maybe higher from price $2000 IF the global market confidence to have this direction. Honestly, I doubt it. Since the pandemic vaccine has been founded and the President of the USA has been chosen, Gold still crashed down to the ground price of $1850. The one and only market that racing like a rocket is only on Bitcoin. When indicators seem won't work and break all the levels. So, the Gold chart's still at the normal stage.
Let's go back to a Bat Formation for Gold. The candles show that Gold has reached the highest point with all indicators at level overbought, and starts to move into a downtrend. With Stochastic Index still at the highest high zone. The transition after over the top will need a consolidation move or super-strong downtrend movement. For Gold, this is a consolidation move, Not a retracement. So, Gold has strong indicators to downtrend move with the possibility of falling crash to the ground price of $1000.
Best regards,
RyodaBrainless
"Live to Ride and Ride to Live"
Let's go back to a Bat Formation for Gold. The candles show that Gold has reached the highest point with all indicators at level overbought, and starts to move into a downtrend. With Stochastic Index still at the highest high zone. The transition after over the top will need a consolidation move or super-strong downtrend movement. For Gold, this is a consolidation move, Not a retracement. So, Gold has strong indicators to downtrend move with the possibility of falling crash to the ground price of $1000.
Best regards,
RyodaBrainless
"Live to Ride and Ride to Live"
