Keep These Two Scenarios in Mind While You're Trading Gold

Gold, the safe haven for investors. During the ongoing Corona panic we've seen a massive increase in the gold price. Now, since the markets got used to the panic a bit we've seen the first careful recovery of gold to lower, more sustainable levels. I present to you two likely scenarios

1) The bullish continuation. There might be news related announcements that suddenly strike fear, people will put their assets back into gold and the price will break through the top trendline. I expect the price in the short term to return to somewhere around the level of resistance.

2) The bearish outbreak of an old support zone. The support zone goes back to the last time gold had this price, which was around November 2019. A 6 month old support zone of which I expect will have a lot of power, but if sudden news hits us: either very positive so people pull their money out of gold and into the markets, or extremely negative so that people just pull out their money from basically everywhere to survive then this support zone will break.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

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