Recent break on the 38.2% will lead the gold price to test the next level of 50.0%. A strong support of the Daily 200EMA is also in play here. A good area for buyers to hop in would be around $1750-$1755
From the yearly lows of $1451.10, GOLD hasn't tested the 0.382 fibonacci retracement. With the price recently broken off a bearish flag pattern on the smaller timeframe, price is expected to test the said level soon.
38.2%-50.0% retracement level would be a favourable level for buyers to step in.
My name is gold and Im nostalgic for 1900s. A simpler time. The good old days. 1969 was a good year. But who knows. I might get the blues for darker days down in darker days. But were they that dark? Maybe hang out in the nostalgic sounds of 1950 maybe even 1994. But shake our brains and dream onto Mars, or sleep again to humble up, load the jets before...
GOLD W3 AUG 2020
We're safe to say that Gold is consolidating after a huge drop of approximately 10%/2000pips in just 5 trading days. As I have mentioned countless times: Gold is a commodity to have a much better risk to reward ratio in longing than shorting.
Daily A doji like candle followed by a confident bullish candle which closed above the doji wick...