EMA 100 on the daily chart has been the major resistance for gold to continue climbing so far. From the fundamental point of view, unless something new comes up, I do not see major reasons to stay above current levels.
On the other hand, from the technical point of view, we have some mixed signals showing uncertainty. In my humble opinion, and in such scenario, I would simply hold positions and follow the trend, currently on a major descending channel.
In spite of the important correction from ATH at 2075, price should return to pre-covid levels at some point. So my bets are on 1565-1612 area to be achieved shortly before a reversal.
Let's see how this plays out. Stay safe.
On the other hand, from the technical point of view, we have some mixed signals showing uncertainty. In my humble opinion, and in such scenario, I would simply hold positions and follow the trend, currently on a major descending channel.
In spite of the important correction from ATH at 2075, price should return to pre-covid levels at some point. So my bets are on 1565-1612 area to be achieved shortly before a reversal.
Let's see how this plays out. Stay safe.
Trade active:
As predicted. Waiting to hit target at 1680-1650 (trailing stop once there)
Trade active:
Engulfing candle suggests a bit more uptrend, perhaps to retest 1760 area. I remain bearish on Gold though.