Yesterday, market drop on the equities side presented an interesting observation on the GOLD (or $GLD) chart.
From the chart, there’s 2 clear signal that could mean an end to its bullish run.
1. A Tenkan sen – Kijun sen bearish cross on the chart.
2. A gap down on the price level.
At around $169, and the kumo support at around $165, it is fair to say that the support is not that strong.
In fact, the bearish signal overwhelms the bullish signals in the near term.
For those thinking of entering a long position for Gold, the best thing to do is wait. The fall for Gold can be very ferocious.
