The nasdaq is currently about 18% above the MA200, which is the most extreme reading levels in market,
the next two weeks should show weakness.
Also, under the corona virus,most of the catering , retail and tourism industries loss a lots of profits around 30-50%,
the effect should come out soon,
DXY upper resistance locate in 99.22, also locate in over brought...
Gold ETF positions have recorded growth for 15 consecutive days, setting the longest consecutive rise since October last year, indicating that bulls are still strongly willing to bullish gold. Driven by trend-buying and investors preparing for a potential fall in the stock market, gold prices are expected to rise above $ 1600 in the next three months.
At present, there are more bears in the gold market than bulls, mainly because the corona virus is under control. In addition, the Fed chairman speech said that the U.S. economy is performing steadily and well. The price of gold is still consolidating. The volatility has been weak. With the stock market and the US dollar rising, the interest of gold has turn weak...
The Fibonacci 61.8% retracement level is currently being tested at the level of 1575.
If the resistance breaks, then the channel will be on the upper track,
followed by the Fibonacci 78.6% retracement level of 1582.
gold price rebounded for two consecutive days after testing the Fibonacci 38.2% retracement level at 1548,
and is in the shape of a triangle.
If the price of gold continues to rebound, the closest resistance level above is Fibonacci's 23.6% retracement level of 1572.
After the breakthrough, it may test the resistance near 1611