Gold GOLD PRO WEEKLY, March 16 - 20, 2020

[gpeter991]

I still think gold should drop to 1375 into 4th of ending diagonal and proceed into new all time high but scarry times could turn gold down and below 1046.
Gold - Big TF
On TFs H4 and lower I agree with Sive that gold could drop into W&R but this leg down could turn into 3ED not in BFlat.

well, if you look at gross purchase level of central banks in 2010-2019, you would see even from 2018-2019 (1375 level) until today - a lot of tonnes purchased, so I guess even the massive global rate cuts/devaluation/money printing a bank cannot allow to devaluate these positions - hence such lows you are mentioning seem also a doom for banks... and thus difficult to imagine. I d rather believe 1400 lows and up...

 

[minimax]

well, if you look at gross purchase level of central banks in 2010-2019, you would see even from 2018-2019 (1375 level) until today - a lot of tonnes purchased, so I guess even the massive global rate cuts/devaluation/money printing a bank cannot allow to devaluate these positions - hence such lows you are mentioning seem also a doom for banks... and thus difficult to imagine. I d rather believe 1400 lows and up...

To me best price to go higher is 1375/50

 

[minimax]

Bank of America says the recession is already here: ‘Jobs will be lost, wealth will be destroyed’

 

[minimax]

Video is a bit old but tells a lot
$700+ Silver? Here's How It Could Happen - Mike Maloney

 

[Sive Morten]

To calm down you a bit - take a look at this stats. Where is pandemic call for flu, guys?!!!

CDC estimates* that, from October 1, 2019, through March 7, 2020, there have been:
36,000,000 – 51,000,000
flu illnesses

17,000,000 – 24,000,000
flu medical visits

370,000 – 670,000
flu hospitalizations

22,000 – 55,000
flu deaths

 

[Sive Morten]

So, on gold - it seems our pullback scenario starts to work. Now we consider 1550 point as potential area where "sell" signal could appear. At least, we should get B&B "Sell" setup, that agrees with the shape of H&S pattern as well:

On 4H chart our grabbers work nice, and yesterday we've got another one. Upside action shows good pace by far:

Still, based on price action I wouldn't consider it as Double Bottom, because of price shape and lack of W&R. It seems more like just AB=CD action and potential "222" Sell pattern: