We still want to see Gold retrace to $1.400 this year.
Now there were a lot of fundamentals that heavily impacted this commodity lately. And pushed the price to new yearly highs, a lot of speculation involved.
Our view remains the same.
We don't see concrete signs of a recession, fed rate cuts are also not concrete, the COVID- 19 news is the only factor of Gold's bullish momentum.
From a technical perspective, we want to see the completion of the daily head and shoulders pattern, which may signal the reversal of the bullish momentum.
Therefore we will add pending sell at price 1.610. The target is 1500.
Keep in mind that the Corona Virus news might still impact the markets in the following weeks, use proper risk management.
Now there were a lot of fundamentals that heavily impacted this commodity lately. And pushed the price to new yearly highs, a lot of speculation involved.
Our view remains the same.
We don't see concrete signs of a recession, fed rate cuts are also not concrete, the COVID- 19 news is the only factor of Gold's bullish momentum.
From a technical perspective, we want to see the completion of the daily head and shoulders pattern, which may signal the reversal of the bullish momentum.
Therefore we will add pending sell at price 1.610. The target is 1500.
Keep in mind that the Corona Virus news might still impact the markets in the following weeks, use proper risk management.
Order cancelled:
Due to fed emergency rate cut gold will rise, trade idea not valid anymore
@JavierBlas