Hello and welcome on this 4h chart of GOLD spot XAU USD. I hope you stay positive in these days, while everybody staying at home for past 2 weeks, at least in Europe we stay at home for this period. Maybe some of you in quarantine for longer period. I hope you will find a way to be better person after this period. So stay positive and motivated!
Do not forget about people who thinks gold is bullish because of crisis and pandemic. But in real world governments can sell it in order to pay for loans and other budget deficit in difficult times. This can lead us to declining in price. This is what I think. I could be wrong, but that is my conclusion.
It seems like price is going to retest $1530 level which is important Fibonacci 38.2% retracement level. I’ve noticed W and M shape of previous swing high and low. For sure it Looks like double top and target for it at $1563 level!
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Thanks hope you will make right decision to trade on this week and be patient to get good profits.
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price of gold break 1600 resistance level, next resistance on chart:
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Gold on fire with crypto today. Hope this is not bull trap. Bullish target above resistance $1639 and $1680 !!