Could GOLD Crash to $650? Here's a scenario...
SUMMARY
I've been bearish on gold for quite a while. The ABC (red) ZigZag is well in progress. Just today, the bear flag has breached to the downside and that opens the door for much lower lows. Many could soon be horrified at seeing Gold hitting lower lows when they were expecting $5k or higher.
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Please do one on Wheat and similar futures. W1!
In current bearish market if Gold drops below 650$ many people will start buy at this dip.
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Gold looks strong bearish. It is now close to double bottom . if break the support level big fall can be expected
Why is that? Does gold not more useful as before? Or is it a pure speculation?
I am always critical about gold
@haejin hope it doesnt crash like bitcoin Gold .. lol ..
Gave you my upvote , it's a little but I hope one day will give you bigger ones
totaly i am agree wit this possible scenario !!!...
If you check the pivots point monthly history , gold only has 2 pending to retest and are in that area
I dont think gold market follows Elliot wave; too much manipulation away from human emotion fear/greed - the waves are too distorted to count
Even without all that, the problem with EW is the rules are so vague and unstructured that you can retroactively apply it to anything to make it seem like it is working. You then can use it for the future predictions to push any sort of narrative you want. So even on its best days EW trivial