Recession to push gold up?
Stocks and crypto are down amid recession panic. Where does money go when people are afraid? Gold. I believe gold may reach new highs this week as investors move away from speculative assets. The fundamentals behind this is too big to ignore.
From a technical standpoint we can see that price has bounced off the 2410 level twice now, and currently possibly the third. This level is also the 0.5 level of the Fibonacci retracement indicator. Paired with the fundamental likelihood of a massive order block at 2410 & 2400, this could be a good entry point for longs.
Trade with caution during this time of volatility.
From a technical standpoint we can see that price has bounced off the 2410 level twice now, and currently possibly the third. This level is also the 0.5 level of the Fibonacci retracement indicator. Paired with the fundamental likelihood of a massive order block at 2410 & 2400, this could be a good entry point for longs.
Trade with caution during this time of volatility.
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Publications connexes
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.