Gold undershooting at the 2012 highs are failing to clear 1700 by crumbs was screaming signals that the market was exhausted, and that it would take more than a coronavirus pandemic to move higher. Notice the size of the wick with all the profit taking place it produced a bearish monthly (and weekly) pattern:
The handbrakes have been pulled, Central Banks are co-ordinated the response with PBoC, BoJ and RBA moving first, now eyes on ECB, FED and BOE next... momentum in the move towards the topside is running out and a pullback is necessary before anything else can be resolved.
After an abrupt end to the "Santanomics"...
Here expecting the pressure to continue on buyers in March. A break of the Yellow trend-line at 1550 will unlock the 1450 lows. I am targeting 1540 this month with Q220 targets located at 1450. Best of luck all those on the sell side in Gold, we will not be covering the fundamentals as it has been widely spoken and discussed in the previous charts.
...Thanks for keeping the support coming with likes, comments and etc!