Hello traders. Gold has been ranging since the beginning of 2020, however the bias is still bullish, we have broken out of the symmetrical triangle indicating a bullish pressure. Should we now get a daily close above the $1518 mark then we will expose the highest price of 2020 at the $1610 handle.
Economies have taken a knock from the coronavirus epidemic, as we all have witness the dramatic fall of currencies, especially the Euro. The US economy however, has so far shrugged off the virus out break even though we think that will be short lived judging from the deterioration of the Chinese economy and also some big companies in the states have already reported contractions of production and orders.
We therefore stay bullish on Gold as it will be a safe haven for the slowing economies and a good hedge.
Like and comment for your views.
Economies have taken a knock from the coronavirus epidemic, as we all have witness the dramatic fall of currencies, especially the Euro. The US economy however, has so far shrugged off the virus out break even though we think that will be short lived judging from the deterioration of the Chinese economy and also some big companies in the states have already reported contractions of production and orders.
We therefore stay bullish on Gold as it will be a safe haven for the slowing economies and a good hedge.
Like and comment for your views.
Trade closed: target reached