XAUUSD (Gold) Intraday Outlook (22/04/20)
Fundamental Idea : A new wave of stimulus measures have been introduced by the US Again to sustain the collapsing economy. With a stronger Dollar incoming, many retail traders may feel that Gold will be de-valued. However, focusing the scope into ETFs, the current and near future inflows into ETF will be a support for Gold. In the world's largest Gold-backed ETF, the holdings are now highest in over 3 years. This is why my bias is a BUY.
Technical : The ascending trendline, what I thought was a broken one yesterday turns out to be a fakeout. With full body candle closure back within the bullish territory. However, to further confirm its bullish power, we have to see
1. Counter Trend Line (descending Trendline) Break
2. Market Structure Break (light blue dashed line)
Only when the 2 criteria have been met, I will look for a retracement to Counter TrendLine and look for buys. Possible targets for take profits and retracement levels have been labelled out and are based on the Fibonacci calculations.
Stay safe & Trade Happy,
Trader's Arena Fx
Technical : The ascending trendline, what I thought was a broken one yesterday turns out to be a fakeout. With full body candle closure back within the bullish territory. However, to further confirm its bullish power, we have to see
1. Counter Trend Line (descending Trendline) Break
2. Market Structure Break (light blue dashed line)
Only when the 2 criteria have been met, I will look for a retracement to Counter TrendLine and look for buys. Possible targets for take profits and retracement levels have been labelled out and are based on the Fibonacci calculations.
Stay safe & Trade Happy,
Trader's Arena Fx
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.