For those of you who like me, like to see things from a different perspective; this is a total flip from what I posted last night.
Fundamental backdrop:
I don't believe that the gold price has finished its consolidation from the covid19 pandemic because it's still ongoing and very much what everyone is concerned about.
I'm of the impression that each...
Fundamental backdrop
The jobs market in the US is in a state of chaos at the moment with another record print for weekly jobless claims and a record matching 701K non-farm payroll number this afternoon. It has to be said the data was for March but missed out the last two weeks of initial jobless claims due to the cut off period. This means that the true numbers...
•Gold is trading over 1% higher as news in the US markets sends investors looking for the safe-haven.
•There is a trendline that could be a resistance point for the yellow metal in close proximity.
Today there has been some volatility in risk assets such as the indices after the US weekly initial jobless claims data reached another record level (+6K). Gold...
Price is still in consolidation, a break below 1590 support should lead to a breakdown to around 1500, forming the second shoulder.
Head lowest point around 1450.
Buy from 1500.
Short term - consolidation up to 1590
Medium-term - Short 1500
Long term - Long 1750-1800
I still firmly believe the price has to drop to 1450 price zone in order to gather sufficient buyers to resume bullish momentum.
Short term - SHORT GOLD
Buy dips.
I think price will drop to retest 1450 price zone in order to gather significant buyers to push price out of the descending channel to break around 1608 and price should there after rise to 1800.
