GOLD WILL BREAK BELOW TO 1500 LEVEL
Starting from the middle of Feb, S&P500 has dropped nearly 20%. Surprisingly, Gold is still ranging between 1550 - 1700 level. Gold has tested 1700 for few times and it still couldn't closed above it. IT'S SIGN OF WEAKNESS.
In addition to breakout of virus recently + Fed cutting rates (Market is expecting to cut near 0%), Gold HAS NOT moved up much. IT'S SIGN OF WEAKNESS AGAIN.
From the technical point of view, by using simple SUPPORT & RESISTANCE method. You can easily see that there's OBVIOUSLY resistance level of 1700 blocking its way. Considering the good risk reward 1:4 (risking of 40-50 points to exchange for nearly 200 points), i will start shorting until it breaks level 1600.
Happy Trading Guys! Feel free to comment below :)
In addition to breakout of virus recently + Fed cutting rates (Market is expecting to cut near 0%), Gold HAS NOT moved up much. IT'S SIGN OF WEAKNESS AGAIN.
From the technical point of view, by using simple SUPPORT & RESISTANCE method. You can easily see that there's OBVIOUSLY resistance level of 1700 blocking its way. Considering the good risk reward 1:4 (risking of 40-50 points to exchange for nearly 200 points), i will start shorting until it breaks level 1600.
Happy Trading Guys! Feel free to comment below :)
Trade fermée: cible de profit atteinte
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.