Just the first move to signal the top, the all-time high, resulted in a 21.42% drop. This happened in just three days.
XAUUSD (Gold) showed the highest volume ever at the all-time high, with the session closing red. A clear top signal. Here comes the start of major correction, potentially a downtrend.
Gold produced a parabola, which always ends in a crash, and has been overbought for years, since March 2024. These are bearish signals.
Here you can have a closer look—daily timeframe:
First, $4,100. The main support range after $4,100 breaks mid-term, sits between $3,600 - $3,150. This is where Gold is headed long-term.
The all-time high is very likely to remain unchallenged thanks to the parabolic chart structure and the very strong reaction after this level was hit. The peak happened at $5,602 but the close was $4,895. The gap is just too big and this is extremely bearish.
Namaste.
