-- BULLISH PERSPECTIVE --
Gold has been quietly extending its recovery from the past 2 month lows of $1775 into the third consecutive trading session on Tuesday, mainly supported by the revival of the reflation trades amid growing optimism on the passage of a $1.9 trillion stimulus package from Congress. With that said, a possible bullish breakout may be imminent.
-- BEARISH PERSPECTIVE --
On the contrary, technically speaking, Gold is more likely to weigh down for a retest of December lows around $1775. A break below 78.6% in most instances does in fact continue to produce further downside pressure. Upside bullish positions should be limited if you're more of a technical trader.
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"Intelligence is the ability to adapt to change."
~ Osman - Technical Strategist @ LEFTURN
Gold has been quietly extending its recovery from the past 2 month lows of $1775 into the third consecutive trading session on Tuesday, mainly supported by the revival of the reflation trades amid growing optimism on the passage of a $1.9 trillion stimulus package from Congress. With that said, a possible bullish breakout may be imminent.
-- BEARISH PERSPECTIVE --
On the contrary, technically speaking, Gold is more likely to weigh down for a retest of December lows around $1775. A break below 78.6% in most instances does in fact continue to produce further downside pressure. Upside bullish positions should be limited if you're more of a technical trader.
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"Intelligence is the ability to adapt to change."
~ Osman - Technical Strategist @ LEFTURN