We are looking at GOLD right now. Obviously, with the recent crazy move to the upside, we saw the all-time high at 2075.14. At the same time, the price of GOLD was adjusted heavily last week, and now the question is what the next move for GOLD will be.
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From our technical standpoint, if GOLD is moving back to the upside, we are looking at $1994.21 as the first level of price target and if this level is taken out, we could potentially see GOLD test $2,029.80 and of course back to the all-time high of $2,075.14.
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On the other hand, if GOLD continues to retrace, the question is which level of support GOLD will reach. We are looking at the price range of $1,825.31 to $1.835.30 as the first level of support and if this level is taken out, then GOLD price will retrace and test $1,690,08.
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Good trading!
From the Desk of NinjaSingapore
17 August 2020
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From our technical standpoint, if GOLD is moving back to the upside, we are looking at $1994.21 as the first level of price target and if this level is taken out, we could potentially see GOLD test $2,029.80 and of course back to the all-time high of $2,075.14.
.
On the other hand, if GOLD continues to retrace, the question is which level of support GOLD will reach. We are looking at the price range of $1,825.31 to $1.835.30 as the first level of support and if this level is taken out, then GOLD price will retrace and test $1,690,08.
.
Good trading!
From the Desk of NinjaSingapore
17 August 2020