When weighted average YEN rises Gold will rise too. Check out USDJPY correlation with GOLD they are moving opposite each other. Use one of them as a tool to predict the other.
Stock also are negatively correlated with GOLD but it is interesting that all these equations will be opposite at the time of the global recession. In 2008 gold dropped by 30%.
So Gold is NOT a safe heaven in global recession and the only safe heaving is YEN and CHF.
I am bullish on Gold when all this COVID situation gets sorted out but for now as long as OIL falling and as long as Stocks falling GOLD must fall too.
I expect in H2 things get back to normal and here is an expectation from the Bank of America to see Gold at $3000 in 18 months.
Can you find the bottom for this market?
Watch OIL and stock market to find out the bottom for GOLD.
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When weighted average YEN rises Gold will rise too. Check out USDJPY correlation with GOLD they are moving opposite each other. Use one of them as a tool to predict the other.
Stock also are negatively correlated with GOLD but it is interesting that all these equations will be opposite at the time of the global recession. In 2008 gold dropped by 30%.
So Gold is NOT a safe heaven in global recession and the only safe heaving is YEN and CHF.
I am bullish on Gold when all this COVID situation gets sorted out but for now as long as OIL falling and as long as Stocks falling GOLD must fall too.
I expect in H2 things get back to normal and here is an expectation from the Bank of America to see Gold at $3000 in 18 months.
Can you find the bottom for this market?
Watch OIL and stock market to find out the bottom for GOLD.
www.forexlive.com/ne...get-to-3000-20200421