Hi there,
I don't comment much about reversals, as from my experience reversals are risky but.....VERY rewarding. Now, being a market neutral I believe GOLD is just reaching its tipping point for a reversal. However, with the current events going and happenings around the world with oil, covid-19 virus, and all the domino effects worldwide to most industries, there maybe a chance that GOLD will just continue its uptrend. Hence why I'm looking at this daily chart seeing all the possible levels it may head to.
1. 1662 could be a strong level of support
2. 1689 level should be a good resistance
3. Trade on a hourly or smaller timeframe between those 2 levels and we'll get some good movements for the next few days
Let me know what you think. I'm going on to the hourly and 15M charts to have a good work for the day.
Good luck friends!
Regards
I don't comment much about reversals, as from my experience reversals are risky but.....VERY rewarding. Now, being a market neutral I believe GOLD is just reaching its tipping point for a reversal. However, with the current events going and happenings around the world with oil, covid-19 virus, and all the domino effects worldwide to most industries, there maybe a chance that GOLD will just continue its uptrend. Hence why I'm looking at this daily chart seeing all the possible levels it may head to.
1. 1662 could be a strong level of support
2. 1689 level should be a good resistance
3. Trade on a hourly or smaller timeframe between those 2 levels and we'll get some good movements for the next few days
Let me know what you think. I'm going on to the hourly and 15M charts to have a good work for the day.
Good luck friends!
Regards