Gold Price Broke Down One of Major Support Line

Gold price is going down during WW3. Due to recession expectations and countries' need for liquidity, Gold price is going down. It was also over bought level. This is why Bitcoin price is going down. But it is not only price correction, it is reversing down of trend.

Here you can see daily chart of Gold price. Gold price broke down one of support line a few days ago. There was another major support line coming from November 2025. It is broken down yesterday. After Trump's tweet, Gold price tried to recover the loses and closed the day above this major support line. Even it closed the day above this support line, It is so possible to see breaking down this support line in next days.

Here you can see long term weekly chart of Gold Price. There is great bowl pattern on Gold Price. This is why we say that Gold price is over bought. Gold price is far away from great support line.

Fisher Indicator is on the top. We need a few weeks to see price correction on Gold price. If Gold price breaks down this major support line, Bowl pattern will be the next support level for Gold price.

So, it is so possible to see price dump on Gold price this year. It entered bearish season. Recession will effect gold price.

We will see..

Posted Using INLEO