Gold recovered from daily loss with correlation plays!
Hello everyone. Happy Labour day!
As I mentioned previously in my published idea. Gold has strong negative correlation with US 10Y yield. With recent rising covid-19 cases and new variant detected, people started to worry about potential impact on the global economy. I can see stocks, BTC as well as US10Y yield dropped in the past 2 days. Dollar and Gold rose as safe heaven assets.
Now gold will come to retest previous high and supply zone I marked a couple of days ago. Will it pass the zone? I don't know!
How far will it go depend on how bad the situation is. It's harsh...I watched videos about what happened there. My heart is broken.
Sometimes, It's hard to become emotionless under such circumstances even as a well-trained trader.
Trade safe and take care!
As I mentioned previously in my published idea. Gold has strong negative correlation with US 10Y yield. With recent rising covid-19 cases and new variant detected, people started to worry about potential impact on the global economy. I can see stocks, BTC as well as US10Y yield dropped in the past 2 days. Dollar and Gold rose as safe heaven assets.
Now gold will come to retest previous high and supply zone I marked a couple of days ago. Will it pass the zone? I don't know!
How far will it go depend on how bad the situation is. It's harsh...I watched videos about what happened there. My heart is broken.
Sometimes, It's hard to become emotionless under such circumstances even as a well-trained trader.
Trade safe and take care!
Comment:
The rise of US 10Y yield weighed gold...
Comment:
Okie. price has risen sharply today, almost penetrate my zone.
plan your trade and trade your plan
