We saw gold gap up which I believe needs to be closed, with a drop down to support around 1834, but may go further.
The Israel Palestine conflict caused the buying of gold, however as a non-yield bearing asset it's less attractive than USD, and a strong USD is bad for gold, so I think we may even see a fall back down to the bottom of the channel at 1800. If it wasn't for the conflict then this is where I would expect us to be, so based on this I'm still short and entering.
The Israel Palestine conflict caused the buying of gold, however as a non-yield bearing asset it's less attractive than USD, and a strong USD is bad for gold, so I think we may even see a fall back down to the bottom of the channel at 1800. If it wasn't for the conflict then this is where I would expect us to be, so based on this I'm still short and entering.
Trade active
1852Trade closed: stop reached
Should have consider the prospect of the 38% retracement ahead of filling the gap, with the macro fundamentals at play. I'm thinking best avoiding Gold for now.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.