GOLD COULD BE SETTING UP FOR A BULL EXTENSION, BUT 1970 NEEDS TO BE TESTED FIRST.
This is worse than I thought. Next fib down is support if daily closes under 236 fib.
4hr looks favorable to the dollar. At least back to resistance. Gold Bulls are obviously strong so use great caution.
4HR looks bearish so this one is high risk. Longterm targets are 2270+
SPX just kidding but the 236 bounce from the COVID drop was the support test needed I believe. Not saying there won't be any hiccups, but I'm investing.
if we bounce off this 0.272 from the massive COVID rebound, the next fib extension is 1913. But if we break under fib (1860), a retest of 1800 is needed. That is what I believe the way to approach your trade decision.