Gold is currently in a downtrend but with all the uncertainty with corona virus and an extremely week dollar I don't see it dropping fast anytime soon.
I have two scenarios for gold right now:
S1 - We push up higher towards 1917 to take out recent highs to grab liquidity before dumping down to 1807.
or
S2 - We pull back slightly to 1895 before dumping to 1807.
From the 1807 region I would like to see gold return to highs of 1950 region. The reason why I am calling 1950 is because a return to the 1920 would just see consolidation. We need to see higher pushes from the 1920 to grab liquidity and test previous resistance as it hasn't been test since last broken.
I have two scenarios for gold right now:
S1 - We push up higher towards 1917 to take out recent highs to grab liquidity before dumping down to 1807.
or
S2 - We pull back slightly to 1895 before dumping to 1807.
From the 1807 region I would like to see gold return to highs of 1950 region. The reason why I am calling 1950 is because a return to the 1920 would just see consolidation. We need to see higher pushes from the 1920 to grab liquidity and test previous resistance as it hasn't been test since last broken.
