📈 Gold is down 13% from it's all time highs of $2075, after a stellar run of 42% as investors fled to the safe haven asset in light of the CV19 pandemic. A contributing factor to Golds subsequent decline may be the surprise overextended rally of stocks. Gold has completed a 0.618 Fib retracement from its 1 December $1776 lows and 6 January $1919 highs, with price now at $1831. Gold is currently still in a , but is being supported by a longer term trendline. Should Gold break out of this level, and remain supported by the 200 day and , Gold could rally to the $2000 psychological level. There is the previous pattern to watch out for though. Traders should watch for todays candle close, currently, it is looking like a , a signature reversal canldlestick.
🔎This is not financial advice. Always do your own research and due diligence.