Gold Points Lower

8月9日

Gold (XAUUSD) has been been producing lower highs since 17-July...

How are you feeling today?
I hope you can enjoy a lovely weekend.

➖ Gold and Bitcoin have a positive correlation right now. This has been going for a while but there tends to be disparities and variations.

➖ Gold trading is closed on the weekend, so this chart will stop soon, but, signals are pointing lower for almost a month. Let's have a look at those.

➖ A peak was hit 17-July at 2,483. Trading volume is average all throughout this chart.

➖ On 2-August, volume becomes exceediling high. This was a bearish day.
Seeing the lower highs printed on the chart and this abnormal volume closing bearish, it tells us that the bears have control of the chart.

➖ Lower highs = lower lows.

👉 Based on the chart signals, we are expecting lower prices for Gold in the days and weeks to come.

Additional details on the chart.

Namaste.