Gold is the only safe haven as i`m seeing.
Last time i looked at gold , i suggested the double top M formation at 1662 for the sell back down to 1575-1550. we have achieved this move now with a gain of over 1000 pips. As you can see price rejected from the long primary trend and just above the .618 fib level. But what will happen next? will we see a further push down, or will we hold support around this area before the next push upwards. i have taken the day off trading today to protect my weeks profits and not potentially get caught in a trade on a friday over the weekend. Otherwise i would of bought at the level it dropped too. Stay safe if your trading, hopefully some of you caught the bottom and got a cheap price for gold . Wild week we have had, enjoy your weekend everyone
Gold has let me down lately, went for a buy and got stung. Not much of a safe haven at the moment…
It trades as a currency not a safe haven - you want a safe haven buy pasta and toilet paper!!
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Don’t forget, gold is traded in USD. USD is up a lot against most currencies, so if you are from one of those other currencies then the price of gold is significantly up.
ICMarkets news feed has the following quotes relevant to this situation:
"The intraday pullback – also marking the sixth consecutive day of steep declines – lacked any obvious catalyst and could be solely attributed to some aggressive liquidation of bullish positions to cover margin calls in equities.
The ongoing slump to the lowest level since early December seemed rather unaffected by the prevailing risk-off environment and some heavy selling around the US dollar, which tends to underpin demand for the dollar-denominated commodity.
Meanwhile, possibilities of some trading stops being triggered on a sustained break below the key $1500 psychological mark further aggravated the intraday selling pressure and turned out to be a key factor behind the latest leg of a sudden drop.
It will now be interesting to see if the metal is able to find any buying interest at lower levels or continues with its bearish trajectory despite oversold conditions on short-term charts and absent relevant market moving economic releases."
Saturday and time to reflect. Looks like most of the world is on lockdown now and rightfully so. This virus is proving to spread very fast. Back looking at gold today as its been a while. Couple of weeks ago i was suggesting selling from the 1662 area marked in red. We had the double top and M formation, along with bearish divergence on the daily, very strong confluences. I thought we would only get down to the 1544 area a the bull has been so strong. But nontheless we dropped alot more all the way down to 1451. So well done if you took that sell you made a nice few thousand pips there. The 1451 support level looks to of been the bottom for this pullback and price closed friday above the .618 fib level We could see some ranging action around here before the next move up, that would be my guess. The uncertainty of the corona is causing alot of volatility in the market so we need to be safe. Always remember to buy gold at the cheapest price possible. Enjoy your weekend GLIYF
I think you need to quit looking at support levels so much and concentrate on the COT structure and seasonals.
Gold is a manipulated market where the paper market dictates price.
The swap dealers control the price in this market - and they don’t really care for horizontal lines on charts.
The usual May top has probably come early, and we are likely to see a slow grind downwards into August - the dealers will have covered most of their shorts by then - and we will be in time for Indian wedding seasonal buying
I may well be wrong, but I’ve seen this play out numerous times in the metals market over the years.
If you want me to hazard a guess - we may get a spike down to $1300.
Of course I dearly want to be wrong with my prediction, I like going long gold - but having been punched in the face by the metals over the years you do start to learn about it’s unique character.
Great insights guys, thanks…
Great stuff here. I personally see Gold hitting the 1700 region to be honest, let’s see. Spreads are crazy on Gold today.
Checking back in on gold today. Weve had some rapid movements lately. The big drop followed by another big push upwards. So my thoughts are that we may see a little consolidation phase like we saw to the left. Its possible we could range between the .786 fib and the support of 1545. But im also inclined to buy from the trend line in the blue circle. But either way im still bullish on GOLD so will be looking to buy the dips. For once this looks to be an easy setup at first look. GLIYF
now it will only increase due to coronavirus
That’s the usual pattern but the virus is about to peak in most countries so I think Gold will fall after we’re over the worst…
I think the “peak” isn’t certain for many countries.
Even the supposed “recovering” countries like China and South Korea aren’t in the clear yet.
Here’s my view on gold…
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Sounds logical, I’m still not buying any though 
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The trend remains bullish while the market figures out the real impact on the global economy of coronavirus pandemic.
Hello all…
The way I see it, gold is waiting for the right time to short.
Monitoring closely on Daily timeframe.
Its Monday start of a new week. Back on our favorite pair GOLD . Im looking at a possible sell from the top again. Weve seen a nice rise again in gold recently but it could be short lived (possibly). What i would like to see is price make a double top , or even slightly higher and complete the bearish divergence with the previous high on the RSI . Obviously price needs to stay below the previous high on the RSI and go higher than the corresponding high in price. But looking for rejections in that area could give us a nice sell back down to the area of the .382 Fib and pick up the uptrend for the next push up. Thats what ill be looking for this week so keep your eyes sharp and GLIYF. Lets have a good week all
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I agree and looks like today might be the day Gold will start descending…