Gold up due to risk-off as NU starts to spread and scare traders

Nenad Kerkez Top-XE

Gold technical analysis

Possible bearish SHS pattern on Daily.
1814 is the resistance.
Gold up due to risk off.
W H4 is possible target.

Left shoulder.
Swing high.
Entry zone.
Target.

Typical risk-off scenario is playing out. Scaremongering took AUD crosses lower. GOLD went up. The WHO has called a special meeting about the variant for Friday and could declare it a variant of concern. Possible name of the new variant is Nu. Bears want GOLD to remain under 1814. If the market moves above 1814 it will be a breakout higher. In case the market remains bearish 1814 is resistance and we should see lower levels. The first is 1798 followed by 1770. It is still bearish and 1814 has been retested.

Author

Nenad Kerkez

Top-XE

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