Gold's Broken Trend Line
If the large purple elipse on 3/9/20 through 3/20/20 is a possible reflection or indicator of what ? Might happen in the near term future for gold, it should fall fast and furious from where i have depicted the small purple elipse of gold is price now. As gold stands now; broken muti-year trend line; continuation of lower bollinger band breach, should signify continuation short term pattern; I do believe Gold would have fallen harder except for the geopolitical environment with the despicable and reprehensible rioting and destruction of properties that has invaded big cities across the U.S..
Green arrow depicts first short sell for day traders.
Blue arrow denotes sell for day and swing traders.
Orange is a sell for short sellers and also a buy for swing traders going long.
Initially i thought Gold should be going down further and faster then it had so far. But as the recent future of civil unrest has unfolded it has not moved down as fast as i originally assumed. My thoughts and prognostications for Gold from a swing trader's perspective, is that Gold has to draw down painfully before going up in a beautiful significant manner. If Gold can fall less say orange arrow territory $1550 -$1535 area, i due believe that whould be around 62% retracement that Leonardo suggested. That in my opinion would give Gold enough momentum to travel back up and challenge that upper trend line that i have depicted on my chart with yellow metal arrow. That could take place on are about the last full trading week of June $1787 - $1798 area very possibly. If Gold breach's that upper trend line it will get to that psychological proverbial line in the sand over $1800's ???
Green arrow depicts first short sell for day traders.
Blue arrow denotes sell for day and swing traders.
Orange is a sell for short sellers and also a buy for swing traders going long.
Initially i thought Gold should be going down further and faster then it had so far. But as the recent future of civil unrest has unfolded it has not moved down as fast as i originally assumed. My thoughts and prognostications for Gold from a swing trader's perspective, is that Gold has to draw down painfully before going up in a beautiful significant manner. If Gold can fall less say orange arrow territory $1550 -$1535 area, i due believe that whould be around 62% retracement that Leonardo suggested. That in my opinion would give Gold enough momentum to travel back up and challenge that upper trend line that i have depicted on my chart with yellow metal arrow. That could take place on are about the last full trading week of June $1787 - $1798 area very possibly. If Gold breach's that upper trend line it will get to that psychological proverbial line in the sand over $1800's ???
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