samlarb

Gold Forecast (01/04/20)

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold is currently trading in a area of previous support/resistance . Will be interesting to see how it interacts with this current level. I see 2 possibilities: 1. A bounce off of this pivot to retest the recent highs of 1700 2. Further retracement to the 0.50 fib level and lower support/resistance around 1550 then a rally up to 1700.
Overall bullish bias trading above 200 day SMA again with the dollar possibly set to weaken as a result of unlimited quantitative easing.