Has GOLD entered a BEAR market? Weekly Chart
GOLDUSD Bull market has lasted 260 days from mid December 2016 thru to September 2017. We saw Three full intermediate up cycles and probably the Bull market reached its peak in September. Had it not been for Geopolitical concerns and military tensions between U.S. and NK, the Bull market would have finished in July.
CCI and KST are pointing towards a bearish sentiment, which isn't looking good for the bulls considering that the price has retraced 50% from the last primary intermediate on the WEEKLY chart and touched 60% retracement on 4H chart. The price needs to retrace 100% to confirm the dominance of bears in the market, but given the Global economic strength, shrinking unemployment and December interest rate hike in the US I think gold will keep falling. Global economic reversal or military conflict should not be discounted.
CCI and KST are pointing towards a bearish sentiment, which isn't looking good for the bulls considering that the price has retraced 50% from the last primary intermediate on the WEEKLY chart and touched 60% retracement on 4H chart. The price needs to retrace 100% to confirm the dominance of bears in the market, but given the Global economic strength, shrinking unemployment and December interest rate hike in the US I think gold will keep falling. Global economic reversal or military conflict should not be discounted.
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