Gold Not Taking Any Chances

(Click on image to enlarge)

Source: Tradingview, FOREX.com

On a 240-minute timeframe, Gold has been in a symmetrical triangle since putting in the recent high on January 8th and broke out today. Buyers will be looking for dips to 1585 to buy at the downward sloping trendline from the top of the triangle. This will also give the RSI an opportunity to unwind on the shorter-term timeframe. Below that is the bottom trendline of the triangle, which is near 1555/1560. There is also horizontal support at this level on the daily timeframe.1520 also provide horizontal support if the form of previous highs back in October.

(Click on image to enlarge)

Source: Tradingview, FOREX.com

When and if more and more companies begin to warn markets of missing revenues and EPS, stocks may start to take notice. And if markets begin to believe the data from China regarding the coronavirus is inaccurate, equities may take note. Gold has a head start on stocks and price has a lot of room to move to the upside if equities do decide to come off!

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