After the strong and steep bearish movement a retracement of some sort was expected. Here I have plotted my Fibonacci retracement level, and we can see the price sitting at the 38.2 level. My sentiment is still bearish but I will look at candlestick/price patterns on lower timeframes before taking more action. Consider all possible moves the price can make. Should the price intersect the 61.8 level I will consider changing my bias from bearish to bullish.
Note
The gap indicated by the red rectangle might act as support for any downside movement.Note
DISCLAIMER: I am not a financial advisor and anything that I say on these channels should not be seen as financial advice. I am only sharing my speculation and personal experience.Note
Do investors still see Gold as a safe haven in times of great uncertainty? Well it looks like it.
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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.