A historic Gold correction is approaching. Be careful.

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Hello, this is Chart Info. Today, we will discuss Gold, the most traded commodity in the world. After reaching $5,500, Gold experienced a crash of over 20%. However, I do not believe this is the bottom. The weekly RSI has broken below 50, and the monthly RSI is coming down from the overbought zone. 




Monthly trends are extremely powerful. Bitcoin also experienced a drop from 126k to 60k due to the strong bearish trend on the weekly and monthly timeframes. As a safe-haven asset, Gold will eventually rise. However, what you need to know is that there could be a historical decline unlike anything we have experienced. Gold has not seen a monthly oversold condition since the year 2000. I don't think it will go all the way to oversold, but I believe it will at least test the monthly RSI 50. I consider seeing the price start with a 3 to be a foregone conclusion. Just as Gold has had a tremendous rally so far, the correction will be just as powerful. There are also significant factors for the decline. With the outbreak of the Iran-US war, oil prices rose and the value of the dollar also increased. While it is natural for Gold to rise when war breaks out, the key point is that Gold had an unprecedented rally before the war began. It should be seen as priced in. Although Gold is an asset that can surge in an instant, I recommend being cautious now that the market moves on a single word from Trump. I am currently in a Gold short position from 4612.25, and I plan to hold it down to $4,000 with a break-even stop-loss. Thank you. This has been Chart Info.

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