Let’s Hope the 20 Daily SMA Will Keep Gold Bearish
Gold turned bearish in August last year, after being bullish for around two years, climbing to new highs by the first week of that month, above $2,000. Gold reached $2.075, but then reversed down as the safe haven status shifted to the cryptocurrencies.
Since then, Gold has been making lower highs, as well as lower lows, which means that the trend has turned bearish. Gold fell to $1,675 in the first week of March, which means a $400 decline and it retried that area once again in the last days of that month.
But, this month we have seen some bullish momentum, with the price bouncing nearly $60 from the lows on Thursday and Friday. We decided to open a long term sell forex signal here, since the main trend is bearish and it seems like the retrace higher might have come to an end.
GOLD is finding resistance at the 20 SMA (gray) on the daily chart once again and we hope that this moving average forces Gold to resume the bearish trend again. The stochastic indicator is almost overbought on the H4 chart, which means that the retrace is almost complete. So, let’s see if the trend will turn bearish now.
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