Gold looks to have shifted to a bearish trend and after printing a lower low yesterday, I anticipate a small retracement back to the support turned resistance which also lines up with the 0.618 fib drawn from the previous high and low.
I believe this shift comes from traders and investors gaining confidence back into the stock market, closing positions and taking profit in gold and once again investing into a stock portfolio after the Coronavirus drop, with a vaccine round the corner, there is less need for a safe haven such as Gold.
Lets see where it goes.
I believe this shift comes from traders and investors gaining confidence back into the stock market, closing positions and taking profit in gold and once again investing into a stock portfolio after the Coronavirus drop, with a vaccine round the corner, there is less need for a safe haven such as Gold.
Lets see where it goes.