Back to my GOLD trade with potential trade war incoming between China and US and with the short to mid term economic uncertainties, GOLD will be the safe haven.
Oil is at crucial area of resistance. A break above will bring the price back to 25$. A rejection below will retest the midline or the previous low. I am more leaning towards the upside.
29/04/2020 GOLD - IMF said economic growth will likely contract by more than -3% in 2020, much worst than the previous economic crisis. So i am expecting GOLD to push to all time high due to looming economic uncertainty.
BTC Update 28/4/2020 - pick which side you are on.
With the uncertainty of economy at the moment, i am bullish on Gold.
So here's my plan on the weekend. I am looking tolong on dump at previous resistance turned support. Laddering my entries.
Bullish Gartley in the Making?
Long Scalp 20 April 2020 8:00 AM. Sweep 7050 lows. Aiming for previous highs.
ETHUSD is now trading at a very important level. If breached, recovery deem very possible and likely to retest the pre-market crash last 12th of March.
Few days ago i have posted a high level trading plan for WTI Crude. Now this is the 'zoomed in' portion of this long term trade. Here the entry and exits are now specified instead of range. Entry could change depending on price action as we dip to avoid trying to catch falling knives.
There are 2 major issues causing the price crash of #OIL: 1. Lack of demand due to Pandemic. 2. Unresolved production cut of major Producers to adjust the supply due to lack of demand. Risks: 1. Prolong period of lockdown making demand scarce for long period of time. 2. Producers unable to make further production cut as the demand goes down. Entry: $18 -...