Gold has been on a crazy run recently assisted by the coronavirus pandemic and more recently, the USD weakness.
I can see some signs of momentum slowing here but shorting is risky long term with such uncertainty in global markets. That being said, today there is some nice rejection of the daily pivot level and price is breaking below the 1hr 50ema after crossing the lower timeframe EMA's last week.
There could be some short side potential in the near future and price might go back to retest the $1980 support/resistance zone.
From there, price might likely bounce or a break of that level could see more downside. A lot rides on whether USD will continue to weaken from here or whether the US fed will ease up on their stimulus and money supply increases.
I can see some signs of momentum slowing here but shorting is risky long term with such uncertainty in global markets. That being said, today there is some nice rejection of the daily pivot level and price is breaking below the 1hr 50ema after crossing the lower timeframe EMA's last week.
There could be some short side potential in the near future and price might go back to retest the $1980 support/resistance zone.
From there, price might likely bounce or a break of that level could see more downside. A lot rides on whether USD will continue to weaken from here or whether the US fed will ease up on their stimulus and money supply increases.
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NO TRADE FOR ME AT THIS LEVEL BUT DEFINITELY ONE TO WATCH.
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Price is approaching the first real price support zone in my opinion. Let's see what it does @ $1980
