Gold trading update on 17/03/2020

Gold trading update on 17/03/2020

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Trending Directions

Product: XAU/USD

Timeframes:

H4: Down

D1: Down

W1: Up

MN1: Down


 

With heavy sell off last week, Gold lost nearly $ 260.00 USD from its peak at around $1,703.xx USD/ounce spot price in just some trading sessions; reasons for the sell offs due to the outbreak of Covid-19 and losing in stock markets have led to sell offs Gold for covering the lost, on the other hand  cash is needed in such kind of situation, instead of putting money in the safe haven in Gold.

Technical point of view Gold is at the end of 5th wave of Primary cycle and now correcting with the A leg with the same cycle level. The corrective of this A leg is seeing  to reach the earlier 2th and 4th wave in extension for the fifth wave and the corrected price area is seeing at $145x.xx USD/ounce; it will be more reflected for an accumulation in volume at that price level, if Gold finds there support with higher lows price action to see. Now it was just tested that price zone recently, that means a clear support zone is not defined yet in our technical point of view.

Immediately support levels are seen at:

S1: 1452.xx

S2: 1442.xx

S3: 1430.xx is the level during the 02/08/2019.

Resistance levels are to see at:

R1: 1518.xx

R2: 1590.xx

R3: 1600.xx

 

Gold  is recently traded with a very wide range, so a move of $60.00 USD- $100.00 USD/day is easy for it. So very risky but can be quickly in profit.

Take your look at the depicted chart for more references:

 

Trade well!

 

Tradingscenes team

Thông tin thành viên
Forex, stocks, commodities Trader & Markets Analyst. Makkaba Co., Ltd. ST&C

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