I think gold is forming H&S here, it is out bullish trend, regarding the market sell off expecting this week and break out of DAX, I expect gold touches 1700 easily and then 60% chance for $1650.
* It's my personal opinion and not a trading advice :)
I see very similar pattering is shaping similar to 21-Feb pattern. Gold and BITCOIN are about to break the resistance lines and flying up to much higher level. I went long on gold and bitcoin today. Good luck warriors!
Gold pulled back as it was expected. Market is excited about re-opening and vaccine. Investors look for higher return assets for short term. To put back gold on track with need another shock, so till further notice we are in bear market my friends :)
I go for gold short.
The economy is re-opening, the tension between China-US didn't add anything to the gold price which usually benefit from tensions (very disappointing for those they were hopping this news increase the gold price today). Also I see DAX is going up, stronger dollar, weaker gold. SPX500 future is near 3000!
On the Technical side:
I expect gold touches $1705 till end of this week. If FED rejects negative interest rate and says the market is doing good at this time and there is no need for negative interest rate the gold will go down by 1-2% then it will go out of bullish trend so it may even go lower. But for now lets stay stick with $1705! Good luck warriors!
Here you can see USY10 and Gold patterns. As you can see they are converging toward each other again. I took it as a sign of entering a bear market if it is not another slump. Market didn't crash this week but neither went up. Still walking on the edge! Today and tomorrow are exciting to watch! :)
Dear friends, I expect another market sell off this week. Why? Because EUR/USD is going up very fast, S&P500 is falling down and if the gold start declining on Monday then there is high chance of having another market crash. As you can see on the graphs on Feb-20 as the SPX500 started declining EUR/USD started going up but gold was going up, then the day after on...