Disclaimer: This is not meant as financial advice and is for entertainment purposes only.
I was out of town over the weekend and am a couple days late with the update. Things are starting to get very interesting with the S&P, Gold and Bitcoin. These next few weeks/months should define the following 1.5 years which will certainly define the following decade.
The S&P is threatening to break $2,600 support. If that happens then I expect the price to violate the 200 day MA support, and create a new local low. Who knows what would happen from there but all hell could be waiting to break loose.
Bitcoin remains at an equally crucial level of support. If it breaks down below $7,400 then it will violate the long term bull trend support and likely capitulate to $5,000.
Will you be prepared if the Bitcoin and the S&P 500 enter a long term bear market? Have you thought about the bubble we would see in commodities?
Monthly
Bearish wick coming off the $1,355 resistance
Bull div on the RSI
RSI stayed above 50 (good for bulls)
MACD remains in bullish territory
Weekly
Weekly is not looking good with momentum quickly building off $1,355 resistance.
Price might be pulling back to test triangle for support before blasting off
If it breaks below $1,325 then I expect further chop
Daily
Failed to gain support at the 50 day MA
Failed to turn prior resistance into support
Approaching top end of triangle
RSI pulled back under 50 (not good for bulls)
MACD threatening bearish cross
All in all things aren’t looking great for Gold, but that could change in an instant. If you saw my XAU:USD 4 hour Bull Flag then you would have known to sell right before the pull back like I did!
I used a lot of leverage and more than doubled my stack on that trade!
Comment if you like and finger that follow if you want these price calls in real time!