Gold Forecast (01/04/20)

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold is currently trading in a area of previous support/resistance . Will be interesting to see how it interacts with this current level. I see 2 possibilities: 1. A bounce off of this pivot to retest the recent highs of 1700 2. Further retracement to the 0.50 fib level and lower support/resistance around 1550 then a rally up to 1700.
Overall bullish bias trading above 200 day SMA again with the dollar possibly set to weaken as a result of unlimited quantitative easing.


Maybe even the 0.618 :)
+2 Reply
Nice trade, i had the same analysis and have made good money off it today.
+1 Reply
Happy with the outcome of this trade! Still holding my positions new thoughts and analysis on next move coming
Is now a good time to still enter?
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