Gold GOLD PRO WEEKLY, March 30 - 03, 2020

Greetings everybody,

as on EUR - here we also suggest that this is not the end guys, and another leg down could be formed. Price action on intraday charts doesn't care the features of reversal - no thrust, no acceleration. It stands rather choppy. Maybe employment data will change the situation, but pure technical picture suggests that we have BC retracement leg before CD extension down:
gold_4h_02_04_20.png


On 1H chart gold accurately follow to our scenario. As we've said, this probably will be AB-CD pullback. Now it seems that it should be over around 1608-1612 Agreement level. AB-CD pattern could be finalized by butterfly. All this stuff together gives us bearish "222" Sell:
gold_1h_02_04_20.png


Still, despite that picture looks clear - be aware of data, guys. Do not sell around 1612 blindly, use common sense. Say, if we see fast jump in one candle through the level - don't be short. Of course, you know this, as I talk about it every time, but currently it is not vain to repeat.
 
Greetings everybody,

Markets start to get first stats on US economy and they are awful. As a result, sentiment is changing, today's NFP probably will be significantly worse and crisis is yet to start. On gold market we also see impact of recent claims data.

Gold shows demand as on a background of two times worse numbers - gold moves higher. As it has completed our butterfly and AB=CD action - situation has changed and now it is not as safe to go short as it was seemed yesterday. Bad NFP numbers could trigger more demand for safe haven metal.
gold_1h_03_04_20.png


But, one thing is relatively simple. Gold has to start reversal down either from here or it will not start it at all. Thus, if you plan bearish trade or already in, you could place relatively tight stop. Any upside action, say to XOP first, tells that upside bullish trend continues and we're going to 1700 tops again. Thus, short setup is not destroyed yet, it is valid, but new sentiment makes it weaker.
 
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