- We are living in the digital age, and we require digital money like Bitcoin . Shiny metal is beautiful, of course, but the internet is currently up and running.
- I remember the peak on gold in 2020, when the coin stores were full of people and there were big queues in front of the shops full of retail investors.
- It’s not looking good for gold at all; another 17% drop is possible as per my technical analysis .
- According to my Elliott Wave analysis, if we want to stay bullish on this wave count, then the bulls need to defend the 1350 USD level. We are currently in the C wave of the corrective structure.
- 1350 USD is a strong support because: the start of the gap from 2019 + breakout level from 2019 + Wave 1 support from 2016 + Trendline from 2015 + 200 monthly MA!
- 200 daily/weekly/monthly MA is considered a very powerful support by huge institutions and hedge funds.
- This is a great opportunity for a swing trade in the future!
GOLD is no longer good
Previous ArticlePrice action trading strategies that you need to know
Next Article Curve CRV – 2000% profit! (lifetime opportunity)
Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.