Gold bugs - pay attention - Doom is near

Before I say something no bug wants to hear, let my first say, I don’t care which way the market goes. The only care is, which way is it going and how can I profit from it?

On the above 2-month chart (Yes each candle is 2-months of data) the months of March and April have printed a Gravestone DOJI candle. Make no mistake how powerful this is on this time frame.

At the same time the candle prints:

1) RSI prints lower highs as price action prints higher highs. This is regular bearish divergence.

2) MACD prints a bearish cross. Look left! This is not my opinion, it is a simple fact of the chart.

3) The red circles highlight the last Gravestone DOJIs printed on this time frame.

September 1980 - 60% correction
September 1981 - 30% correction
July 1993 - 30% correction

If history repeats, expect a 30% correction to $1300 completing the cup and handle every bug is keeps reminding me of.

Is it possible price action continues higher? For sure.

Is it probable? Absolutely not. Look left!

Good luck

Ww

Comment:

The collapse is very near. Following the double top, price action is continuing to test the 2-week / 50-week moving average (blue line). The more often it tests the more likely a break shall occur.

Trade active:

*** Fake out confirmed ***

Gold is crashing. The symmetrical triangle everyone and their dog was watching has now appears to be a bull trap.

The projected target is $1300 and that's just the first wave down!

Comment:

This is exactly what happened in 2011. History repeating.

Comment:

$1600 first support level. Free space between the there and now.

Comment:

Relief rally to $1820 area, then continuation of downtrend

Comment:

*** swing trade opportunity **

Price action is in golden pocket. Ride it to $1800 - 1820 area and exit.

Trade active:

1700 support fails. Free fall to 1400 should now be expected.