Get Short this Precious Metal, FX Pair and Stock Now
n this week's report, I'm going to discuss the three major trading instruments that I feel are most likely to crash very shortly..
The first chart is XAUUSD (spot gold):
For the past six months I've observed gold’s price movement within the broad confines of an ascending broadening price pattern. This pattern is typically bearish, which implies that gold prices will go lower over time.
It's very possible XAUUSD could bounce off the lower bound of the pattern and continue higher – we’ve seen examples of that already, including recent bounces at the $1,675 price level.
Yet any such bounces have been quickly and swiftly met with resistance along the downward resistance line. That’s why I believe spot gold is in a stealth bear market – the yellow metal is finding its way lower in bits and pieces.
Last week it had a bearish reversal at $1,850. That suggests prices should continue dropping toward the support level of the ascending broadening price pattern around $1,700 - $1,725.
If gold ultimately cracks through the support line of the pattern, this would have very negative implications. Prices could crash all the way back to the beginning of the pattern at $1,200.
I know that seems extraordinary right now.
But that’s why we look at charts – price is always ahead of the news. And the charts are suggesting a drop could be in the cards for XAUUSD.
Therefore, I suggest probing the short side of XAUUSD with a wide stop.
That’s because if gold reaches $1,700, it looks like a broad move lower would be increasingly likely. And in the meantime, gold has rolled over at the key $1,850 area with what might be a small double top.
Unless the situation changes dramatically, gold should go lower over the next several days, weeks and months.
Next up is EURJPY (the Euro versus the Japanese yen):
Since last April, EURJPY has been in a stealthy uptrend after bottoming around 114. It recently peaked near 134. That’s been an extraordinary move higher within a large channel.
Then a few weeks ago, EURJPY cracked below the support line of that channel, after which it rose to retest an earlier level of resistance. Now it looks like the retest could be failing, and which suggests lower prices are on the way.
That alone is bearish, but there’s another way to look at EURJPY
Watch my full report to find out more. This video report is time sensitive. The markets will move and the opportunities revealed in thisvideo report will evaporate, if you delay.
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This week I’m specifically looking at:
- Why gold doesn't look likely to gain much upside momentum and is ripe for a breakdown
- My potentially controversial downside price target for the yellow metal, if certain levels are breached
- What pattern this yen pair has broken down from, and which one it's likely to break down next (starts at3:27)
- Why BYND is my favorite short and which price level is the crucial one if you're looking to get into this trade(begins at 6:18)
- How low BYND can go once momentum takes hold on the downside
There’s no commitment and no minimum investment. Just name your own price’ and start learning!