Gold Setting Up Just Like Before the Covid19 Breakdown Get Ready
Research Highlights….
- Gold rebounded quickly and broke to higher prices after the COVID deep selling.
- Our Fibonacci support levels for Gold are resting near $1,885, $1,815 & $1,790.
- More downside pressure on price is possible, but if support is maintained at $1,885 then we could see a big upside recovery trend take Gold to $2,250.
Just before the COVID-19 collapse in the markets hit near February 25, 2020, Gold started a double-dip move after reaching $1,692 on February 24. First, Gold dipped from $1,692 to $1,564, then recovered to new highs ($1,704.50) on March 10, 2020. Then, as the deeper COVID-19 selling continued, Gold prices dipped again – this time targeting a low level of $1,450.90.
What we found interesting is how quickly Gold prices recovered and broke to even higher price levels after this deep selling. Our belief is that when a crisis event first hits, which we sometimes call the “shock-wave”, all assets take a beating – including Gold and Silver. This is the event where traders and investors pull everything to CASH (closing positions). Then, as the shock-wave ends, traders re-evaluate the price levels of assets to determine how they want to deploy their capital….Continue Reading Here.
Source: http://crudeoiltrader.blogspot.com/2020/09/gold-setting-up-just-like-before.html
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