Gold prices in the big trend still have a chance to continue strengthening, but the price is still stuck at FR 78.6% -weekly which can be predicted as the 3rd Wave will stop here and if it fails to breakout in the resistance area (double top occurs) FR 78.6%-weekly it can be predicted that the gold price will experience a short term correction which is expected to potentially rebound in the middle of October 2020. Early next month some countries slowly open their Lockdown Restriction even though it is still in a pandemic situation which may be very risky and might be extended again but you can imagine how a country's economy will be halted if the Lockdown still has to be implemented, Will this "Lockdown Easing" have an impact on the bullish price of gold and DXY ?? So what makes gold prices strengthen again after this short-term correction ?? As we know the American Presidential Election will take place this year in early November 2020.
The price may retest the support on EMA 200 TF Daily.
PO Buy Limit: 1447.66
Please consider to open SELL on the top as counter trend position!!