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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Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.