We saw a big move in $GOLD as anticipated. After resting above the Feb high and $2,000 level, it has shot up higher to break free. $2070 is the next logical target and then to potential all time new highs.
The upmove was aided by the fall in the USD. $EURUSD is testing the high set in Feb. A daily close above the high would also invalidate the Change of Behaviour potential i.e. negate the trend reversal of the bullish move. We see the bulls push prices into the 1.13 area. This is the 61.8% fib retracement zone for those of you technically versed (from the Jan 2021 high).
In summary, if USD continues to weaken, EUR, Gold and other USD denominated assets should be bid higher.
The upmove was aided by the fall in the USD. $EURUSD is testing the high set in Feb. A daily close above the high would also invalidate the Change of Behaviour potential i.e. negate the trend reversal of the bullish move. We see the bulls push prices into the 1.13 area. This is the 61.8% fib retracement zone for those of you technically versed (from the Jan 2021 high).
In summary, if USD continues to weaken, EUR, Gold and other USD denominated assets should be bid higher.
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✅ Copy My Trades @ eToro, www.etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
