Gold Spot (XAU) Going Bearish...

4 Nov 2020

XAUUSD (Gold Spot) is now leaning towards the bears... RED.

We have a new All-Time High hit this year back in August, Gold peaked at $2074.98.

This is the highest price ever for an ounce of gold based on this chart.

We have a few interesting signals to look at:

1) Bearish divergence is true with the MACD and RSI.
As Gold hit a new high, both indicators hit lower highs.

2) Strong bearish cross on the MACD. The MACD is now trending lower.

3) The RSI has been dropping since it peaked back in August.

Gold Spot might be setting up to print a bearish wave similar to what happened back in September 2011.

If this wave does not happen in full, we are still bearish on the short/mid-term.

I will share a new trade idea if the chart changes.

Namaste.

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