Indices and commodities
Active
GOLD
Short
Gold Bearish Setup Toward $3,850
Rationale
TradingView idea: XAUUSD: MA squeeze is happening. Trade accordingly. for TVC:GOLD by InvestingScope
TradingView symbol: GOLD
Gold is bearish on its 1D technical outlook (RSI = 42.648, MACD = -37.180, ADX = 38.476) as not only is it trading inside a 4 month Channel Down but has been repeatedly rejected on the 1D MA50 for the past 2 months. The time to test the 1D MA200 is approaching on what is technically a squeeze event between the two MA lines that will determine the trend. If the price crosses below the 1D MA200, expect a another -21.40% bearish wave (like the two prior), TP = 3,850.
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