Gold: Past, Present, and Future
in Other Investment Types ·
Gold is showing signs of steady recovery following that end-of-year slump when prices hit $1,522.85 per ounce.
The broader uptrend remains intact, but if you look closer at the daily chart, the picture isn't exactly optimistic. The daily timeframe suggests the correction might continue, meaning we could see increased selling pressure ahead as the trend line rises.
Looking at the daily gold charts, there are clear negative divergences—specifically, hidden bearish divergences. I’ve applied the Pitchfork tool to the last three extreme values on the daily chart, and it shows price dropping below the lower parallel. Despite several attempts to bounce back after those breaks, the combination of negative divergence and resistance near $1,703 per ounce is stifling any significant or high-quality rallies.
Expect more selling pressure in the coming period. This could push gold prices down below the $1,522 mark.
The broader uptrend remains intact, but if you look closer at the daily chart, the picture isn't exactly optimistic. The daily timeframe suggests the correction might continue, meaning we could see increased selling pressure ahead as the trend line rises.
Looking at the daily gold charts, there are clear negative divergences—specifically, hidden bearish divergences. I’ve applied the Pitchfork tool to the last three extreme values on the daily chart, and it shows price dropping below the lower parallel. Despite several attempts to bounce back after those breaks, the combination of negative divergence and resistance near $1,703 per ounce is stifling any significant or high-quality rallies.
Expect more selling pressure in the coming period. This could push gold prices down below the $1,522 mark.