GOLD - 30/04/2020
The H1 and H4 chart show that the gold price is moving sideways after the bullish trend retracement and it is now testing the support level of 1700. 1700 is a strong support and psychological level to break. If the uptrend line is broken followed by a bearish candle formed below the support level, sellers are likely to open short position.
However, for fundamental analysis, market expects the gold price to rise in 2020 due to devaluation of US dollar, US deficits, perceived inflation and higher volume of QE. The medium-term gold price's forecast is 1800. Despite the fundamental, I will deploy consolidation breakout strategy to either long or short XAU/USD where there is only one bullish or bearish breakout will happen.
The H1 and H4 chart show that the gold price is moving sideways after the bullish trend retracement and it is now testing the support level of 1700. 1700 is a strong support and psychological level to break. If the uptrend line is broken followed by a bearish candle formed below the support level, sellers are likely to open short position.
However, for fundamental analysis, market expects the gold price to rise in 2020 due to devaluation of US dollar, US deficits, perceived inflation and higher volume of QE. The medium-term gold price's forecast is 1800. Despite the fundamental, I will deploy consolidation breakout strategy to either long or short XAU/USD where there is only one bullish or bearish breakout will happen.