GOLD -21/03/2023-
• Gold is soaring as demand for safe haven is rising amid banks turmoil and fear of recession
• Bullish trend dominating but tough resistance is near
• First resistance is 2000 round number
• Second resistance is the 2070 previous high which was rejected twice
• Are we gonna be in a triple top scenario and reverse lower again or make a new high ?
• From a risk reward point of view, it is more rewarding to go short at this level with a stop above 2000-2070 and place a long pending order above 2070
• Bullish trend dominating but tough resistance is near
• First resistance is 2000 round number
• Second resistance is the 2070 previous high which was rejected twice
• Are we gonna be in a triple top scenario and reverse lower again or make a new high ?
• From a risk reward point of view, it is more rewarding to go short at this level with a stop above 2000-2070 and place a long pending order above 2070
Ramzi Abou Abdallah, CFTe, CMT
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