Gold will see ups and downs today for shaking off short positions before going down again..use the pullback to enter shorts at around 1620 today for targets back to 1580. Overall the week will be consolidating around 1620 level in my opinion.
Don't short gold unless you want suicide. 1.Gold was down due to funds liquidation to meet margin call. As equity up big now, this demand is removed. 2. Currently market expects Fed to cut rate 0.75-1.00 by June, which is a big boost for gold. 3.Global central banks all ready to cut rate, which will also be supportive to gold demand. 4. Corona virus threat is increasing in a big way,which is another major drive for gold demand. Currently gold offers the best reward-risk opportunity among all instruments. In the coming days you will see when equity up, gold up(for the same reason Fed cut rate);equity down, gold up more(risk premium).So whatever happen, gold will keep going up. I am looking to 1700 for gold for this week and another 200-300 points by June.
OP, trend in gold is quite clearly up. Straight the fk up. Ain't no technical analysis on that chart telling you any different. Even if if you zoom in to a smaller time frame chart....Its still up. AND, saying "gold will see ups and downs before shaking out shorts" is not technical analysis. Seeing as though you are brand new to trading since you are using OANDA, LOL, asking for help in deciphering a chart will yield you better responses.
Gold is currently in a bullish trend with constant rewriting of historical maximums, which is not surprising at all when there are geopolitical tensions and wars in the world.