BOOM BOOM POW!!?
Gold has been messing around with everyone, lets be honest, we all knew it was coming with lockdowns being lifted worldwide right?
Well here we have gold at one of its lowest supports in the past few months. Many are saying GOLD will continue to fall before rising again if there is a second wave of COVID-19.
My analysis is that there will be a pullback for GOLD till the 1700 level atleast, (shown by the trendline). If this trendline is broken then we can see GOLD going up to atleast 1720, I personally do not think that the trendline at 1720 will be broken (however if it is, then its time to go long). I personally think that this will be a major pullback in GOLD's already bearish trend, before it comes back to consolidate at support, we may see the support broken or we may see the support resisted. Lets see what happens..
Let me know what you think of this analysis..
Good luck for the week ahead :)
Gold has been messing around with everyone, lets be honest, we all knew it was coming with lockdowns being lifted worldwide right?
Well here we have gold at one of its lowest supports in the past few months. Many are saying GOLD will continue to fall before rising again if there is a second wave of COVID-19.
My analysis is that there will be a pullback for GOLD till the 1700 level atleast, (shown by the trendline). If this trendline is broken then we can see GOLD going up to atleast 1720, I personally do not think that the trendline at 1720 will be broken (however if it is, then its time to go long). I personally think that this will be a major pullback in GOLD's already bearish trend, before it comes back to consolidate at support, we may see the support broken or we may see the support resisted. Lets see what happens..
Let me know what you think of this analysis..
Good luck for the week ahead :)