Gold prices are consolidating above 1910. DXY are making many pressure today. But we still Bullish.
As expected by most experts, the price of precious metal has seen significant growth since the beginning of the year and, despite yesterday's decline, is being kept at fairly high levels. Undoubtedly, the strengthening of prices is directly related to the situation surrounding the coronavirus pandemic: recent measures by several countries to impose additional restrictions have led investors to move away from risk and seek refuge.
However, the transition to gold was not as significant. Since mid-December, the precious metal has a new competitor – Bitcoin. It was the cryptocurrency that some institutional investors began to see as a more reliable means of fighting inflation. Bitcoin is growing and, in addition to the usual preservation, also brings a very high yield, which makes some investors who have always kept their funds in gold make a short-term choice in favor of cryptocurrency.
Support and resistance levels
The quotes that left the limits of the global downstream channel yesterday tried to test the resistance line, after which growth can continue. Technical indicators continue to maintain an overall buying signal.
For now:
TP1 - 1958.5
TP2 - 1975
Entry - above 1910
SL - 1880
Resistance levels: 1951.0, 1958.5, 2067.0.
Support levels: 1886.0, 1774.0.
Above break of 1958.5:
If the overall growth of the asset continues, as well as the consolidation of the price above the local maximum, in 1958.50, the purchase positions with the 2067.0 target will be relevant. Stop loss — 1900.0. Implementation period: 7 days or more.
In the event of a reversal and continuation of the corrective decline of the asset, as well as the consolidation of the price below the support level in 1886.0, the sell positions with the objective of 1774.0 will be relevant. Stop loss - 1920.0.
Good luck for your trades.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market.
But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
As expected by most experts, the price of precious metal has seen significant growth since the beginning of the year and, despite yesterday's decline, is being kept at fairly high levels. Undoubtedly, the strengthening of prices is directly related to the situation surrounding the coronavirus pandemic: recent measures by several countries to impose additional restrictions have led investors to move away from risk and seek refuge.
However, the transition to gold was not as significant. Since mid-December, the precious metal has a new competitor – Bitcoin. It was the cryptocurrency that some institutional investors began to see as a more reliable means of fighting inflation. Bitcoin is growing and, in addition to the usual preservation, also brings a very high yield, which makes some investors who have always kept their funds in gold make a short-term choice in favor of cryptocurrency.
Support and resistance levels
The quotes that left the limits of the global downstream channel yesterday tried to test the resistance line, after which growth can continue. Technical indicators continue to maintain an overall buying signal.
For now:
TP1 - 1958.5
TP2 - 1975
Entry - above 1910
SL - 1880
Resistance levels: 1951.0, 1958.5, 2067.0.
Support levels: 1886.0, 1774.0.
Above break of 1958.5:
If the overall growth of the asset continues, as well as the consolidation of the price above the local maximum, in 1958.50, the purchase positions with the 2067.0 target will be relevant. Stop loss — 1900.0. Implementation period: 7 days or more.
In the event of a reversal and continuation of the corrective decline of the asset, as well as the consolidation of the price below the support level in 1886.0, the sell positions with the objective of 1774.0 will be relevant. Stop loss - 1920.0.
Good luck for your trades.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market.
But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.