Please try another search
A reversal can be powerful. Two are often a game-changers. We just saw three.
The momentum remains positive, so reaching this target – close to $1,965 – might be what triggers the reversal.
The reversal is likely anyway because the fact that both resistance lines cross creates a triangle-vertex-based reversal point. And it is due right about now.
Consequently, we might see some very interesting action in the upcoming days – with gold likely reversing its course, but quite likely from slightly higher price levels.
On the chart below, it’s clearly visible that gold did indeed move to the above-mentioned combination of resistance levels.
And on the chart below, you can see that it also reversed.
The reversal was clear, and if we want to be precise, gold moved slightly above the resistance line and then invalidated this tiny breakdown, which made the reversal even more bearish.
Besides, gold was not the only part of the precious metals sector that reversed in a profound manner. We saw the same things in silver and VanEck Gold Miners ETF (NYSE:GDX).
The gravestone doji candlesticks are a form of an intraday reversal, which is likely to be followed by lower prices.
Since we saw not one but three of such reversals, the overall bearish implications are much stronger than if we just saw one. This further reinforces the scenario that I featured previously – namely, the precious metals sector corrected after the bullish reversal, but it wasn’t likely to correct substantially before turning south once again.
What we just saw is a confirmation that the move lower is about to start. It’s not yet too late to position oneself to benefit from it, but it might soon be.
Despite the total cuts by all countries added at the November 30th OPEC+ meeting, oil sold off testing key support. Countries like Angola have threatened not to stick to the new...
Gold is breaking out and at the start of a new secular move. This implies the stock market and the Nasdaq, which Bitcoin follows, will be in a secular bear market soon.
Why does OPEC build It up Buttercup, baby, so the algos can crash it down and mess it around, and then worst of all (Worst of all) the market never falls When they say it will but...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.