Bearish XAUUSD After Reaching Monthly 4.236 Fibonacci Extension

12月5日

XAUUSD has been on an epic 23 year bull run climbing over 1000% since the turn of the 21st century. The $850 high in 1980 crashed to a $252 low in 2001 signalling the end of a 21 year long bear market for Gold. The 4.236 fibonnaci extension between these points indicated the current bull run would reach $2785 before crashing. Gold met this prediction with a margin of just $5 when it hit $2790 on 31 October 2024. A replica of the 70% crash in the 80's and 90's would pull gold down back down to $850, retesting it's ATH of 1980.

Significant short positions have been opened.