XAUUSD: It's time to short GOLD
Fundamental side
As you all might be aware, the price of gold is inversely related to the value of US dollar and the economy. All else being equal, a stronger dollar tends to keep the price of gold lower and more controlled, while a weaker dollar is likely to drive the price of gold higher through increasing demand. In short, I personally believe that as long as COVID-19 is under controlled, the economy is soon getting better. Therefore, it is now time that we should watch out for the gold price.
Technical side
Gold price touched 1.13 fib of the previous high before forming a triangle. We do expect a sharp reversal (going down) out of the triangle breakout.
Remember Money management is the key. Trade wisely and responsibly.
An Investment Analyst from Giant Japanese bank.
As you all might be aware, the price of gold is inversely related to the value of US dollar and the economy. All else being equal, a stronger dollar tends to keep the price of gold lower and more controlled, while a weaker dollar is likely to drive the price of gold higher through increasing demand. In short, I personally believe that as long as COVID-19 is under controlled, the economy is soon getting better. Therefore, it is now time that we should watch out for the gold price.
Technical side
Gold price touched 1.13 fib of the previous high before forming a triangle. We do expect a sharp reversal (going down) out of the triangle breakout.
Remember Money management is the key. Trade wisely and responsibly.
An Investment Analyst from Giant Japanese bank.
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