After breaking below $4,200 key level, Gold has reached our target of $4K support and remains in a Downtrend. This expert trade setup was highlighted in our VIP telegram group.
What’s next for gold?
Near-term, it appears oversold (RSI < 30) and the $4K is a robust support level where price found support a couple of times in the last 12 months. Price could dip below it briefly but it’s most likely to find support and bounce up over the next 30-90 days.
We’ve prepared a 4 year study on how Gold performs after it hit oversold levels in the past 4 years. Does it trade up in the next 7, 30, 90 days? What’s the typical drawdown (% decline)? Available to members only.
Gold: Oversold at Support
Source: altFINS expert trade setups
Is BTC next?
Perhaps gold and BTC are both driven by the same catalysts: oil prices, inflation (CPI) data, FED rates, midterm elections, 10-year yields…
BTC has held up relatively well in face of all the macro headwinds.
But it could be cracking gradually. It’s broken (bearish) out of a Rising Wedge pattern, below $83K support, and could revisit $75K support near 200-day Moving Average next.
See more expert trade setups under Technical Analysis section.
BTC - Breakout from Rising Wedge
We first shared the gold analysis in our VIP telegram group and our Technical Analysis section.
Trade Setups
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