GOLD Monthly Study - Golden Cross in Recession!
Huge volume and selling - but price held relatively well.
RSI in overbought territory.
With the FED anncouncing that they will continue to print away just like they have been for years, I'm speculating that we will have major upside for this commodity over macro longterm but thought i'd point out the retracements at these key levels.
Dotcom Bubble Crash and the 2007-2008 Banking & Mortgage Crisis had intese retracements before skyrocketing up again.
Golden cross forming once again. The last time we had the 50MA cross over the 100MA we dumped for approximately 14% before continuing on for a massive bull cycle.
We seem to possibly have the same scenario repeating here once again. 16 years later we are testing the same golden cross with RSI being in overbought territory and testing the ATH.
The same dump will bring us relatively close to the 21MA.
Buy the Dip strategy may prove to be effective once again, keep an eye on that 21 and 50MA areaas.
RSI in overbought territory.
With the FED anncouncing that they will continue to print away just like they have been for years, I'm speculating that we will have major upside for this commodity over macro longterm but thought i'd point out the retracements at these key levels.
Dotcom Bubble Crash and the 2007-2008 Banking & Mortgage Crisis had intese retracements before skyrocketing up again.
Golden cross forming once again. The last time we had the 50MA cross over the 100MA we dumped for approximately 14% before continuing on for a massive bull cycle.
We seem to possibly have the same scenario repeating here once again. 16 years later we are testing the same golden cross with RSI being in overbought territory and testing the ATH.
The same dump will bring us relatively close to the 21MA.
Buy the Dip strategy may prove to be effective once again, keep an eye on that 21 and 50MA areaas.
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