Gold D1 Our expectations:
Long-term long trend and medium-term short consolidation. Activated flag for increase. The current price gives a good opportunity to build long positions.
Fundamentally, the forecasts are that the price of the precious metal will reach $ 1,600 in the next six months amid uncertainty surrounding the trade war, which will continue to divert cash flows to gold. In addition to this factor, the trend of easing monetary policies around the world and low bond yields will continue to keep gold prices high in the long run.
Test of 23.6 Fibonacci, the price bounces up.
Test at 50SMA, price above 200SMA. MAs are stacked in a bullish formation.
Demarker in neutral territory.
Alternative scenario: If the price breaks below 1475 this will probably lead to a deeper correction.
Trader Georgi Bozhidarov