Gold potential downside to grab liquidity before pushing Bullish
TL;DR If XAU/USD bounces back down from 1730-1739 resistance area we can potentially see a large liquidity grab on the HTF. Ultimately pushing Gold into the 1800 and possibly further regions.
We can see how XAU/USD has taken a Bullish course after SARS Covid-19 Pandemic across the globe. We can see how gold was stuck in a large range the past 7-8 years after falling from its peak at 1913 back in September, 2013. As price bounced back and forth and breaking because of global panic. As news of Corona Virus spreads and as countries re-open we could possibly see a slow start to global economies or another downturn. I expect Gold to bounce back down to the 1680 area as countries reopen and try to boost their economies through stimulus and possible relief bills being passed across the NA, Eur continent. After sometime we will see that there is enough liquidity in Gold to bounce back up beyond the the 1730-1739 resistance area and possibly 1763 in one fluid week long push.
We can see how XAU/USD has taken a Bullish course after SARS Covid-19 Pandemic across the globe. We can see how gold was stuck in a large range the past 7-8 years after falling from its peak at 1913 back in September, 2013. As price bounced back and forth and breaking because of global panic. As news of Corona Virus spreads and as countries re-open we could possibly see a slow start to global economies or another downturn. I expect Gold to bounce back down to the 1680 area as countries reopen and try to boost their economies through stimulus and possible relief bills being passed across the NA, Eur continent. After sometime we will see that there is enough liquidity in Gold to bounce back up beyond the the 1730-1739 resistance area and possibly 1763 in one fluid week long push.
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