Gold Bubble Update Week #4

Disclaimer: This is not meant as financial advice and is for entertainment purposes only.

Things are really heating up with the global financial markets! The S&P has broken support, Gold is rebounding and BTC continues it’s bear market.

Last week I warned that the S&P was threatening to break $2,600 support. Now I expect the next stop to be at $2,530. That will be the 3rd time it tests that area for support and I do not expect it to hold.

Gold should simultaneously be approaching $1,355 resistance. That would also be it’s 3rd time retesting that area. If the S&P breaks down while gold is breaking through then it is GAME ON!

SPX:USD DAILY

XAU:USD MONTHLY

Last week I was worried about the month closing on a bearish doji. The bulls were able to mount a strong defense and we closed a spinning top, which is neutral.

Now we are building momentum and heading towards the crucial $1,355 resistance.

WEEKLY

Last week I was holding my breath hoping for support from the triangle and it looks like we got it!
We also kept the RSI above 50 and saw a higher low
Now we are consolidating on the top end of the range, which makes a breakout more likely.

DAILY

Currently getting resistance from $1,340 and i would really like to see us close above that. If it doesn’t then we could see a further pullback in the short term. We are back to trading above the 50 day MA and the RSI is also back above 50.

All in all things are looking very good. If the S&P enters a long term bear market then that could be the catalyst BTC needs to reverse from this bear market. It would also kickstart the next Gold Bubble.

Will you be prepared if the Bitcoin & the S&P enter longer term bear markets?

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