Risk-off sentiment Driving Gold Crazy – Who’s Behind it?
Arslan Butt • 1 min read
A crash in Crypto markets, heavily bearish global stock indices and boosted demand for haven assets is putting Gold on fire. Fellas, we got some nice profits on the European indices for another day. Particularly, we made more than 100 pips on DAX today. Now we are eye to trade Gold…
Fundamentals Review – What’s making it Bullish?
Nearly all the Cryptocurrencies has dropped approx 20% – 30% today. Bitcoin, the Cryptocurrencies leader itself isn’t able to hold and has plunged nearly $1,947 today to trade above $6,000.
Global stocks are skidding sharply. The SPX has slumped from $2,874 to $2,520 that’s more than 3,000 pips, my friend. Same is the case with Nikkei, the Japanese Index. In fact, the Harohiko Kuroda tried to underpin the Japanese stock markets by saying the monetary policy is stable and economic growth is in good shape. Now, let’s see if investors stop selling the global stocks.
Due to the facts discussed, the investors are in the state of extensive fear and uncertainty, therefore, moving towards safer places to invest in. As you know, Gold is always the best option.
Gold / XAUUSD – Trade Idea
Today, the technical side of the Gold is sharing a mixed sentiment. Gold is making a higher’s high pattern which signifies the bullish bias of traders. But Gold won’t be flying until it breaks the $1,345 resistance. So, the idea is to stay bullish upon the breakage of $1,345 until $1,349. Else, the metal can retrace back to $1,335. Good luck!