This monthly chart on gold is not making us good to long gold.
But it shows us a strong triple top bear signal on monthly chart.
On this chart, you could see price could probably test 1180 or 1090 again. I am not telling you to short gold now because there is a descending wedge on daily chart which is a bull pattern for buyers.
The support line provide us a channel too to follow how far could gold reach after breaking through the wedge.
1302-1320 are the possible zone. Then will see how it goes with that. Probably a new reflection point on the channel for seller later. Then in May, price of gold could start to drop again.
LESS IS MORE!
But it shows us a strong triple top bear signal on monthly chart.
On this chart, you could see price could probably test 1180 or 1090 again. I am not telling you to short gold now because there is a descending wedge on daily chart which is a bull pattern for buyers.
The support line provide us a channel too to follow how far could gold reach after breaking through the wedge.
1302-1320 are the possible zone. Then will see how it goes with that. Probably a new reflection point on the channel for seller later. Then in May, price of gold could start to drop again.
LESS IS MORE!
