GOLD The 2 year pattern shows a buy opportunity

Gold is having the worst day since August 11 as the vaccine news are making capital that was 'parked' on the safe haven of Gold during this pandemic, flee to riskier assets (stocks). We have almost reached the late September Support.

A very interesting 2 year pattern shows however that this behavior isn't that odd, as every Channel Down on the 1D time-frame since February 2019, held the Support that was made when then MACD had already rolled over, and then initiated a very aggressive rally. With the one exception of course of the early March 2020 global asset melt-down due to COVID.

If we are not on a similar event, then the September Support should hold. Otherwise buyers can get one last buy opportunity on the 1D MA200 (orange trend-line).

What do you think it's going to be?


Most recent trade on GOLD:



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