Gold -0.53% is looking for support zones after yesterdays expected brakeout which was supported by a small economic correction.
The next few days will show if this was the beginning of the next crisis after 2008/2009 or just a small correction, as already mentioned.
Personally, I expect further price dumps in the next week after stocks and other financial markets recover a bit today.
Psychological analysis
There is currently too much uncertainty and financial markets do not like that. Pakistan officially announced that they need financial help to the IWF tonight, and Italy is also riding into the crisis, which, unlike Greece, could actually be a problem for the EU and the euro -0.07% .
Last but not least, the trade war between the USA and China is still up-to-date, this could be the last drop that will overflow the barrel.
Technical analysis
MACD and RSI were both overbought / to high and are now in the correction zone. Stoch-RSI looks balanced again, but appearances are deceptive. I expect further corrections to the 38,2 or 50 (higher possibility) Fibonacci retracement line, from here you can expect the first turnarounds. SMA 50 looking bullish , I have drawn the further expected Ma line which is also good indicator for reversals (I expect also a reversal if the price touch the 50 MA line)
First entry: 1210 $
second entry: 1205 $
Stop loss: 1198,75 $
Target 1: 1241 $
Target 2: 1261 $
The next few days will show if this was the beginning of the next crisis after 2008/2009 or just a small correction, as already mentioned.
Personally, I expect further price dumps in the next week after stocks and other financial markets recover a bit today.
Psychological analysis
There is currently too much uncertainty and financial markets do not like that. Pakistan officially announced that they need financial help to the IWF tonight, and Italy is also riding into the crisis, which, unlike Greece, could actually be a problem for the EU and the euro -0.07% .
Last but not least, the trade war between the USA and China is still up-to-date, this could be the last drop that will overflow the barrel.
Technical analysis
MACD and RSI were both overbought / to high and are now in the correction zone. Stoch-RSI looks balanced again, but appearances are deceptive. I expect further corrections to the 38,2 or 50 (higher possibility) Fibonacci retracement line, from here you can expect the first turnarounds. SMA 50 looking bullish , I have drawn the further expected Ma line which is also good indicator for reversals (I expect also a reversal if the price touch the 50 MA line)
First entry: 1210 $
second entry: 1205 $
Stop loss: 1198,75 $
Target 1: 1241 $
Target 2: 1261 $
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
