Another idea that might play out.
On the short run, both gold and btc went down and reached some support levels.
At this point it could go either up or down, but i would lean more towards up.
Here is why:
1. The COVID situation is not over and we should expect wave 2 of infections.
2. During this time money will be secured in assets : GOLD is the most preferred one by big players in the market (companies)
3. The daily chart is forming a possible Inverted Head and Shoulders pattern that could sustain this idea.
Resistance levels:
1. 1790
2. 1905 ish
For the moment i will wait for more data that will confirm this.
If this moves, we can see BTC move up as well, with a first stop at 10400 area.
XAUUSD
BTCUSDT
On the short run, both gold and btc went down and reached some support levels.
At this point it could go either up or down, but i would lean more towards up.
Here is why:
1. The COVID situation is not over and we should expect wave 2 of infections.
2. During this time money will be secured in assets : GOLD is the most preferred one by big players in the market (companies)
3. The daily chart is forming a possible Inverted Head and Shoulders pattern that could sustain this idea.
Resistance levels:
1. 1790
2. 1905 ish
For the moment i will wait for more data that will confirm this.
If this moves, we can see BTC move up as well, with a first stop at 10400 area.
XAUUSD
BTCUSDT