Good Morning/Afternoon Traders
Gold is trading on 7 year high. The Reisistance on 1779.00 is holding Strong. I think we will see some rebounce on that level. Some Analyst are awaiting Gold rising to 1800.00.
But i recommend to be careful. Like we saw in March on Level 1770.00 we had a strong rebounce to 1450.00 in onle 5-10 Days. I assume there will be a strong pushback down after reaching this Level of 1800.00 or even 1790.00. Covid-19 Pandendemic in the US is not over yet. The Numbers are rising and a 2nd wave of infected is to expect. What means that Banks and Companys are better prepared for the 2nd Wave. If they rise the Liquidity of the Companys and sell of Bonds, Stocks and Commodities, there is a big chance that Gold could go back to 1500.00.
We thought Gold is a rising star in times like the pandemic and a safe place for banks but after the selloff to 1450.00 banks saw that even commodites are not safe in these Times. So trade carefully.
Regards, Prend
Gold is trading on 7 year high. The Reisistance on 1779.00 is holding Strong. I think we will see some rebounce on that level. Some Analyst are awaiting Gold rising to 1800.00.
But i recommend to be careful. Like we saw in March on Level 1770.00 we had a strong rebounce to 1450.00 in onle 5-10 Days. I assume there will be a strong pushback down after reaching this Level of 1800.00 or even 1790.00. Covid-19 Pandendemic in the US is not over yet. The Numbers are rising and a 2nd wave of infected is to expect. What means that Banks and Companys are better prepared for the 2nd Wave. If they rise the Liquidity of the Companys and sell of Bonds, Stocks and Commodities, there is a big chance that Gold could go back to 1500.00.
We thought Gold is a rising star in times like the pandemic and a safe place for banks but after the selloff to 1450.00 banks saw that even commodites are not safe in these Times. So trade carefully.
Regards, Prend