Gold is currently in a downtrend since May
- Retesting a strong bearish trend line ( last tested was August)
- Momentum on bullish movement has ended as a positive reaction has occurred on trend line
- RSI is overbought on 4 hour timeframe
- Positive reaction on recent FIB from recent daily high to recent daily low. Reaction occured at 0.5 to mark halfway...
As the Corona virus gets worse the $ gets weaker. Price has reached a strong trend line with bullish power on shorter time frames (1 - 4 hours). I expect an continuation of bullish movement as NFP lies tomorrow and Trump carriers out more attempts to protect US soil against the Virus. Price has also entered a long term buy supply zone on a horizontal level.
Going Short on USDJPY due to sell trend and demand with current USA and Trump news.
Confirmations given as slow pressure slows down along with NFP news (Forecast is lower than Previous results by 100k, expecting a heavy push to confirm downtrend)
REJECTION OF MONTHLY 618 FIB REFRACEMENT AGAIN, CREATING DOUBLE BOTTOM CONFIRMATION.
ALSO REJECTION OF MONTHLY TRENDLINE.
With Harmonic pattern
Furthermore Theresa May resignation could possibly strengten the £ over the long term.
