Gold is Bullish on the Short-term

16 มี.ค. 2020

Gold was excellent Sell opportunity with great Risk/Reward ratio, and dipped as expected on the Lower levels. The recent downtrend on Stocks is approaching its October Support, as DX but mostly Bonds have recovered more than 70% of the December #3 sharp fall. See how Gold (I am always using Xau-Usd on my analysis) is basically consolidating around the MA200 on the Daily chart, which is disproportional to Technicals at it’s maximum. The fact that Gold has kept it’s Bullish momentum on the Weekly chart despite the DX/Bonds recovery, reveals the Bullish shift on its Short-term trend. I just have to be careful now to Buy any dips that I will be given (which is current one). For now I don't see any such opportunity for Gold’s further fall, new profitable pattern is - closer it gets to that is the #MA50 on the Hourly 4 chart #1,643.70, but first my already drawn #1,590.80 Resistance that needs to be broken, is also my first Target. The pullback on Stocks isn’t working favorably on Gold, counterbalancing the rebound on the DX. So that brings Gold (Gold spot-price on my analysis) back to the #1,590.70 and #1,610.70 in extension. Once the Stock market stabilize, the Bullish trend on Gold will continue and should again apply Buying pressure on Gold and this is why I remain Bullish #1,660.70 Long-term.