Gold Buying opportunity? is the crash over?
If we look at the longer time frame gold is forming a Inverse Head and Shoulder pattern with oversold RSI in mind we can say it may bounce upwards from here. It has to pass and maintain above 1835 to validate an uptrend from here.
On the other side gold may fall further down to test the trend line A and hit 1729.35 before any solid moves up. The area is 50 % retracement level from the crash and the ATH , very important!
If it doesn't hold then further lower price to be expected up to 1661.42.
I will personally be looking for confirmation before entering a buy position.
Disclaimer: Not a financial Advice
On the other side gold may fall further down to test the trend line A and hit 1729.35 before any solid moves up. The area is 50 % retracement level from the crash and the ATH , very important!
If it doesn't hold then further lower price to be expected up to 1661.42.
I will personally be looking for confirmation before entering a buy position.
Disclaimer: Not a financial Advice
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