Gold price always increase? Not that right. Its not always glitter. Last Friday (yesterday) was the day when its glitter started reduced. But don’t worry because gold is the most stable commodity in the world. It is an alternative currency that’s safe beyond reproach.
What come across in my mind is, either is it a retracement or trend reverse. Technically, one of my fellow trader who are an expert in Elliot Wave told me that the gold price will going down and will take a few years to increase again. Yes, gold has been overbought since a few months ago, and the price is more than double as compared to previous two years.
Diagonal triangle on daily timeframe on my chart. And last one hour candle was hanging man. If its continue to downtrend, the first target will be 168% fibonacci retracement on that chart. Break the magenta lower trendline means that the breakout of daily diagonal triangle. Further downtrend? If yes, is it the time to hedge?