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Idea On GOLD

Idea On GOLD

Hello everyone, this is one of my idea on gold’s future, in this chart we can see that from the august 2020 has started a downward trend, and there is the creation of a bearish channel , if we see also the Volume Profile , we can see some big volume clusters on the levels of 1.680-1760 (and as you can see in the chart on those levels the buyers are stroger than sellers) and the price is approching to this area, so what I believe will happen is that, the price could bounce on this area for a while , creating a trading range I highlight the area with a rectangle , but if this area will be violated, the price might go toward the lows of march 2020, so let’s see what happen.
Moreover we have to pay attention to the macroeconomic news as the inflation right now, and the bonds’market which could give us information about an inversion of the stock market, I wanna say this Because the price is likely to start a upward trend if there are bad expectation of the investors, , because as we know the gold is a safe haven asset.

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