- Gold sold off last week as optimism was present in the equities and futures market.
- Specifically, investors remained optimistic of the progress with the development of a coronavirus cure.
- long-term upside on gold still expected given the US stimulus plan.
Note
We're now seeing momentum building up:Note
Since my initial post, gold has made a run up and is now testing the 1,730 mark. Specifically, I have my level plotted at 1,734. Gold tested this level on April 14th and again on April 16th. Given the strength of the sell off shortly after the second test, I expect to see a small pullback and continuation. Even with fundamental factors, it's unlikely for gold to be making a complete reversal.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.