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Gold: trading the wavy downtrend
2021-03-01 • Updated
Risky moods are still there in the market - that's why gold is still falling. The MAs are all aligned inversely and aim downwards, and the gold price trades consistently below them. Every now and then, it comes into the area between 50-MA and 100-MA every and cedes back the gains.
Recently, it made a serious dip to 1720 and bounced upwards. If the "algorithm" doesn't change, it's likely to go slightly above 1760 to meet the 50-MA and revert downwards.
Watch the resistance of 50-MA and 1760 for signs of bearish reversal.
- If the U-turn is confirmed, prepare to sell.
- If 50-MA is crossed upwards, that's a bullish challenge to pass the 100-MA and 200-MA - a possible mid-term uptrend alert.
Does the double-low formed in the gold chart at 1680 suggest we will see upside soon?
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