how the gold will react to coronavirus, is it a safe haven?
here is my analysis;
*RSI – bearish : bears are in control as well as the rsi trend is coherent with the trend.
*FIB – bearish : retracement from previous HL to HH is beneath the golden ratio
*BB – bearish : candle closed outside the band
*MAVW – bearish : trend below the blue line
*PATTERNS – bearish : it seems a double top formation
*ELLIOTT – natural : If Impulse wave completed (it is likely to be over) it is time for ABC and the down move will keep. There is possibility that we could be still within the same Impulse on wave 4 which is expected to touch ma200 and bounce
*MA200 – natural : daily ma200 may stop the trend and be a resistance or could form a wick beneath the ma200 and bounce back to ma200
how gold will react to coronavirus pandemic, will it remain safe haven we will learn soon.
according to charts it seems to me more bearish than bullish
ps: I am beginner in trading trying to learn, I will be glad if you comment for my any incorrect thought and finally please do not consider this as an financial advice.
*RSI – bearish : bears are in control as well as the rsi trend is coherent with the trend.
*FIB – bearish : retracement from previous HL to HH is beneath the golden ratio
*BB – bearish : candle closed outside the band
*MAVW – bearish : trend below the blue line
*PATTERNS – bearish : it seems a double top formation
*ELLIOTT – natural : If Impulse wave completed (it is likely to be over) it is time for ABC and the down move will keep. There is possibility that we could be still within the same Impulse on wave 4 which is expected to touch ma200 and bounce
*MA200 – natural : daily ma200 may stop the trend and be a resistance or could form a wick beneath the ma200 and bounce back to ma200
how gold will react to coronavirus pandemic, will it remain safe haven we will learn soon.
according to charts it seems to me more bearish than bullish
ps: I am beginner in trading trying to learn, I will be glad if you comment for my any incorrect thought and finally please do not consider this as an financial advice.
Trade closed: target reached:
price reached both targets shown in the chart