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This week market has shown mixed performance and if you surf on news you'll see all new, related to gold market this week are about coronavirus. It was few updates through the week and gold market was a ping-pong action trying to catch them. Somebody tells that virus situation...
Gold shows a bit chaotic action due absence of valuable driving factors. As our initial downside suggestion has been denied, today we could keep an eye on 1572 support area, whether bullish background will be formed there:
Last time i looked at gold it was sat at the support area of 1550 area. suggested it could move from there and price has since moved up a couple of hundred pips.
You can see it has bounced from the 0.38 fib a few times, which shows that area is strong on the daily TF.
Whats next? Well i dont...
Gold provides interesting setup today. It has solid risk, but potential reward is also significant. I thought it makes sense to consider it because potential risk of this trade is relatively small:
It is difficult situation on gold market, which is simultaneously driven by as economic fundamental factors as virus panic. It makes price shape looks choppy.
While we still do not exclude reaching of 1600 level - we think that it would be better to get more reliable context for...
Overall fundamental background has not changed for gold and if we would speak on classic driving factors - they are the same. US economy statistics was not bad, Fed has confirmed overall positive condition situation. The only driving factor on this week was coronavirus panic. This...
Gold keeps valid both grabber on daily, but price action looks a bit irrational, keeping chances on upside continuation. So, we think that it would be better to not
consider short entry on 4H/daily time frames by far: