GOLD: up to $1,600?
Coronavirus keeps disturbing China, and the world. Consequently, gold keeps rising. Reaching $1,600 is "if" or "when"?
XAU/USD is swimming with sharks
Information is not investment advice
Have a look at the chart of XAU/USD. Gold has recently formed a lower low that may be a part of a “Shark” pattern which is not complete yet. The move above 1,496 (200-period MA on H4) and the psychological level of 1,500 will strengthen this view. The “harami” on this timeframe speaks in favor of such a scenario. The upside target (point C of the pattern) should be around 1,517. The bigger bullish “Shark” pattern is also in line with this idea.
On the downside, the return below 1,489 (yesterday’s low) will open the way down to 1,483.
Elizabeth Belugina
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