Bat Pattern in XAUUSD + Further Information
Updated
At the gold price a possible bat pattern has developed. If the X points are taken into account, the gold price could fall back in the near future. However, there are a few things to consider why the technical analysis is not necessarily correct.
The following economic problems:
- Corona Virus (Great influence on companies; Amazon, Cruise Boats etc.)
- 10y bond at a low point- S&P 500 and DOWN Jones are falling dramatically due to the sell-off of shares.
- NFP Today (Maybe Good News)
If the NFP data is good & equity markets recover after this week's sell-off, an SELL to 1660 would be realistic.
After that the following targets 1648, 1633, 1624 and finally 1610!
RSI at 74.00 is thus slightly oversold.
But be careful, gold is very strong at the moment.
The following economic problems:
- Corona Virus (Great influence on companies; Amazon, Cruise Boats etc.)
- 10y bond at a low point- S&P 500 and DOWN Jones are falling dramatically due to the sell-off of shares.
- NFP Today (Maybe Good News)
If the NFP data is good & equity markets recover after this week's sell-off, an SELL to 1660 would be realistic.
After that the following targets 1648, 1633, 1624 and finally 1610!
RSI at 74.00 is thus slightly oversold.
But be careful, gold is very strong at the moment.
Note
NFP Data are very good - > Short Gold
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