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Gold is back to its January values. How deep is your correction?

Olymp Trade

March began with the bears triumph. The spot price of gold broke the uptrend line, left the $1320-1330 zone (which it reached not without challenges) and returned to its January values. The fall may stop in the current zone of $1280-1285. Otherwise, bulls will have to struggle to overtake the bears.

If we take this decline as a correction, there is a good chance to replicate the pattern of 2017, when trends replaced each other, forming a macro trend. In this case, we can return to the equilibrium value of $1300 in the near future. However, in the current situation, you should be wary of a dead cat bounce.

From the point of view of fundamental analysis, the main financial threat has passed as soon as the trade war was postponed. This month, presidents of China and the United States could meet to sign an agreement. Without this factor, gold loses its relevance for investors, and they have lost interest in it. But the stock markets are still interested, especially ones in Asia and China.

Olymp Trade Review

Source: https://olymptrade.com/
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