This week, I’m diving deep into the charts for gold and stock markets, particularly focusing on potential trade setups.

Gold has been in a sideways consolidation for over four months, with erratic movements making it challenging to predict the next move.

On the daily chart, moving averages are flatlining, and we see a negative divergence with the slow stochastics trending downward, indicating a possible downturn at the start of this week.

Similarly, the Emini S&P futures show an upward price trendline, but again, we have a negative divergence on the slow stochastics.
The market is hovering just above the 100-day moving average—a crucial level that could dictate the direction for the week.
In the Nasdaq, I’m watching a potential bear flag formation within a consolidation channel.
We’re approaching long-term resistance, marked by a two-year-old trendline and Fibonacci levels, suggesting that downside risks are significant.

My bias leans bearish for both the S&P and Nasdaq this week.

I’m already short on these indices with tight stops, expecting potential declines if key support levels break.

Key Levels to Watch: Emini S&P: Watch for a break below 5365-5360, possibly triggering a significant downward move. |
Nasdaq: Bear flag formation and resistance at long-term trendlines and Fibonacci levels could signal a correction.

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