Chapter 30 Is Gold going back to the base?
18/04/2023
Summary
Risk-on in market situations push gold down
Fundamental analysis
Fundamentally on this pair of AXUUSD, we don't have at the moment any dangerous or uncertain situation in the marketplace that's why in these kinds of situations market makers will leave the Save Heaven assets and they will go to high-risk events and that will lead Gold to stay quiet.
Technical analysis
In this 1-hour diagram chart, the market price now is 2004.02, we expect the market to push the price down to the previous demand zone at 1991.00 and will breakout this zone to push the price down to the oldest demand zone at 1968.00 to continue this downtrend with the 20-moving average point down.
Trading Recommendation
Trading Direction: Short
Entry Price: 1993.70
Target Price: 1968.70
Stop Loss: 2006.30
