Anyone Selling the Retrace Up in Gold?

Gold has turned bearish since August last year, after loosing the safe haven status, which was transferred to the cryptocurrencies. So, cryptos have been surging, making record highs continuously, while the traditional safe havens such as Gold and the JPY has been declining, despite the political, social and economic uncertainties still prevailing due to the coronavirus situation.

As a result, GOLD has lost around $400, falling from $2,075 in August last year to $1,675 in the first week of March. In the last few weeks we saw a retrace higher, but it ended at $1,755 and returned back down. Although the support area around $1,675 held once again and yesterday we saw a bounce, which continued today as well.

But, the 50 SMA (yellow) is acting as resistance on the H4 chart, which used to be acting as support and resistance before. The stochastic indicator is also overbought on this time-frame, which shows that the retrace higher is complete.

MAs are keeping Gold down on the weekly chart as well

On the daily chart, we have the 20 SMA (gray) which is acting as resistance now. So, this looks like a good opportunity to go short on Gold and we are observing the price action, perhaps we will take this trade.