Will Gold drop under 1500? (Long term view!!!)

٢ سبتمبر ٢٠٢٢

In this post, I will focus on an overview of Gold and what could happen in the long term.
In the short term, everyone saw the support from 1680 and is aware of the possibility of a rebound...

So...

Looking at the weekly posted chart we can see that after the high above 2k back in spring, Gold has started to drop, putting in lower highs on our chart. After the touch of the long-term trend line in May, Gold reversed, but soon after, in June, has broken under and quickly dived to the 1680 important zone. In July we again have a rise, just to be completely erased by August price action.

This whole dynamic gives me an indication that Gold could drop under 1680 and by this, it will also confirm an immense double top pattern that took two years to complete.


That being said, I'm more inclined to a continuation to the downside when it comes to medium-term price evolution, and considering the measured target for the double top pattern, we can see Gold trading under 1500.

In the short term, we can have a rally, but in my opinion, it will be short-lived and should be used as a selling opportunity for swing traders.