Bottom line:  Gold is holding well below the $1747 resistance and is expected to accelerate lower towards $1450 as initial medium term target. Bears remain poised to push below $1640 levels, in the short term.

Fundamental Outlook:

WTI Crude drops historically, printing below the $1 per barrel mark yesterday. The year 2020 has seen 65.62 being print in early January and now 0.01 lows in April. OPEC members had agreed to cut production by around 10 million per day, along with Russia and Saudi Arabia agreeing to end price war. Nothing could stop a 99.95% drop in WTI Crude prices yesterday.

Events to watch today:

05:00 AM EST Euro Zone ZEW Survey

05:00 AM EST German ZEW Survey Expectations

Technical Analysis:

Gold continues to print lower lows and lower highs since $1747 levels on April 14, 2020. In the short term, bears might be looking to push towards $1640 levels before producing any meaningful pullback.

Looking at the lower time frames, immediate resistance is at $1738, followed by $1747 while support is seen towards $1640 levels respectively. If a meaningful top is in place at $1747, high probability for the next move is to break below $1640 levels.

A break below $1640 would not only boost further weakness, but also confirm an impulse drop from $1747 levels. It would imply that Gold is preparing for a much deeper correction and the next potential target remains $1450.

Now looking at the bigger picture, Gold might have terminated a multi-year counter trend rally that had begun from $1046.00 lows in December 2018. If the above holds well, $1747 should remain intact and the yellow metal to resume lower. The larger degree drop is expected to complete below $1046.00 going forward.

Most traders might be willing to remain short with protective stop above $1747 and projected targets below $1046 in the long run.

Prepared by

Harsh Japee, Technical Analyst.

Gold Chart

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！

免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。