Technical chart H4. The main trend is bearish.
- Trend: Break the trend and go down to 1680-1683 and then return to the price zone of 1695-1700 and then go straight to the zone of 1660-1640.
- MA: Piercing the EMA 50.
- RSI: The previous RSI divergence 8 candles.
- FB: The target is to penetrate the 23.6 zone to return to the 38.2 zone for a price of 1630-1640. In case of area 50, the price will go below 1600.
Fundamental analysis:
- Money is being pumped into US and European stock markets. Therefore, cash flow did not hide into gold, even was withdrawn.
- Dollar index is getting stronger.
- The supply of gold is gradually increasing due to less severe margins of translation of Covid 19.
Comment:
correction: Trend: Break the trend and go down to 1680-1616
Comment:
correction: Trend: Break the trend and go down to 1680-1683