Gold decline to be continued to $1550
Updated
Looking at yesterdays daily closure, the fact we are in a new quarter (Q2) and new month (April) and no sign whatsoever fundamentaly that anyone is looking to put big money into risky assets due to corona fears and one of the biggest buyers recent months, Russia, announing they will stop buying gold from April 1 and on, bears are looking to keep the upper hand and are forecasted to push prices further down.
1550 is our first stop since it lies on a perfectly rounded up key level, it also correspondents with a very strong fibonacci level (38.2%)
After this we will be looking for buys IF we get signs from the market that bulls are either starting to take over or bears simply leaving the market with their profits.
1550 is our first stop since it lies on a perfectly rounded up key level, it also correspondents with a very strong fibonacci level (38.2%)
After this we will be looking for buys IF we get signs from the market that bulls are either starting to take over or bears simply leaving the market with their profits.
Note
I notice that I forgot to mention a part of the analysis, looking at the current 1H chart here, we can see a clear break of the 200 EMA, which we retested and actually broke above shortling before continuing futher down and breaking below for a 2nd time today. This adds up to the bull bias moving aside for bears to continue their grip on the market for nowNote
Price rejected unfortunately indeed and went on to hit my own stoploss as well. Will be updating gold shorty.
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