How far will gold retrace?

2020年4月19日

What is up guys -- Ray here with my Saturday night analysis of Gold (XAU/USD).
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LAST WEEK IN REVIEW:

- We saw gold continue it's strong push in the upward direction, breaking through the 1700 level making a new high of 1747
- To finish the week gold began relatively strong pullback move to the weekly .382 level of 1680, marked by a very bearish Friday close.


WHAT TO EXPECT THIS WEEK:

- With gold currently in correction mode I expect gold to continue it's downward momentum down to the 1640-1660 level, marked by previous support and resistance
- After a very bullish break above the 1700 level, we can look for gold to make it's next move in the upward direction towards the psychological level of 1800, and possibly an all time high

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COMMENT below your analysis on gold: how far do you think we will retrace?

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Take it easy and until next time..

- RAY