In times of uncertainty, investors are looking for " safe heaven" investments such as gold / silver or even bitcoin. Lets focus on gold:
in 2008 crisis the gold climbed to his all time record around 2000. this time it looks like the situation will get worse and the fed will have to lower down the interest rates to negative territories. focusing on the technical side: the gold is holding on above 1680 but have trouble around 1740. the RSI Is above 50 and pointing higher, putting the odds in bulls favor.
so my bullish scenario :
breaking and closing above 1740 can take us all the way up to 1800 as first target to 2000 and even higher to 2500.
bearish scenario:
closing under 1680 can put sell pressure targeting the next fibo retracements.
stay tuned for more!
in 2008 crisis the gold climbed to his all time record around 2000. this time it looks like the situation will get worse and the fed will have to lower down the interest rates to negative territories. focusing on the technical side: the gold is holding on above 1680 but have trouble around 1740. the RSI Is above 50 and pointing higher, putting the odds in bulls favor.
so my bullish scenario :
breaking and closing above 1740 can take us all the way up to 1800 as first target to 2000 and even higher to 2500.
bearish scenario:
closing under 1680 can put sell pressure targeting the next fibo retracements.
stay tuned for more!