The US Fed's emergency meeting and Russia Invasion news caused the crazy spiked on Gold, its news-driven price action.
Technically, I see an excellent risk-reward ratio to shorting Gold. If the price stays below the red resistance, I reckon Gold at least will fall to the target 1, 2, and 3 to retest the 38.20% Fibonacci retracement.
Be cautious of another breaking news on the weekend; we never know.
Invalidation:
- This analysis fails if the price breakout and close above the red resistance
Even though I know, DXY does not always have a perfect correlation with the Gold price. Currently, DXY is still above the Trendline and potentially will retest the 97.7 level.
Technically, I see an excellent risk-reward ratio to shorting Gold. If the price stays below the red resistance, I reckon Gold at least will fall to the target 1, 2, and 3 to retest the 38.20% Fibonacci retracement.
Be cautious of another breaking news on the weekend; we never know.
Invalidation:
- This analysis fails if the price breakout and close above the red resistance
Even though I know, DXY does not always have a perfect correlation with the Gold price. Currently, DXY is still above the Trendline and potentially will retest the 97.7 level.
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