- On the weekly chart, gold is very close to a massive crash. I think the bulls have no power here and I don’t even want to see a huge red candle.
- As you can see on the chart, there is a rectangle consolidation pattern with multiple touchpoints and also an ascending parallel channel that is currently breaking down!
- Next target is 1370 USD, and I think we will hit this target very quickly. After that, we want to see a strong bounce from this level, because otherwise we will go even lower!
- This is a bullish Elliott Wave count, so wave 4 should not go below previous wave 1 because this may invalidate this bullish scenario.
- Interest rates are growing, and so are bonds. We have a strong dollar and everyone prefers to hold cash, even with high inflation .
- This is not looking good for the stock market, crypto and gold at all. But you can still make money if you open a short position on the futures market or purchase some put options.
- Look at my ideas about Bitcoin and Ethereum in the related section down below.
Gold – Major crash is prepared! -18%, channel is breaking down!
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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.