Gold- Trend change or just an emotional reaction?
In yesterday's comment, I said that I expect a correction from Gold, what I didn't expect was a 1k pips drop...
The corona vaccine influenced the price for sure, but I can't help wondering if this was just an emotional reaction or a real trend change in the medium term and that remains to be seen.
From the technical point of view, we have an immense bearish engulfing from 1960-1970 resistance and a drop under 1900 important support and psychological figure.
Yesterday Gold reversed from 1850 important support but this can be only a relief rally.
For now, I will go with the flow and sell rallies under 1900.
The corona vaccine influenced the price for sure, but I can't help wondering if this was just an emotional reaction or a real trend change in the medium term and that remains to be seen.
From the technical point of view, we have an immense bearish engulfing from 1960-1970 resistance and a drop under 1900 important support and psychological figure.
Yesterday Gold reversed from 1850 important support but this can be only a relief rally.
For now, I will go with the flow and sell rallies under 1900.
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