samlarb

Gold Forecast (27/04/20)

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
With USD set to weaken this weak in my opinion as a result of capital flows, caused by the fact there is a lot of USD news, I can see this leading to gold pushing back to 1730/ 40 to form a inverse head and shoulders on the 4H TF. Although this isn't usually a continuation pattern, in recent history these inverse H&S have formed several times, all being followed by a bullish rally. If this pattern does form it could be a good time to long with a final push to 1770-1800 looming. I am already in this trade with several positions from 1570 from my previous forecast on the 1st of April so lets see what happens.