04.03.2020
Gold is correcting downward after reaching a local maximum after the Fed cut the interest rates by 0.50 at an emergency meeting. This correction is likely to be associated with the possibly positive opening of trading in the US today, which is hinted at by the US stock indices. Positive sentiment will lead to an increase in demand for risk assets, which will put pressure on gold quotes.
The price is above the middle Bollinger band, above SMA 5, but below SMA 14. RSI is above the 50% level and turns down. Stoch turned in the overbought zone.
Trading recommendations:
If the quotes fall below the level of 1635.00 and consolidate below it, gold will continue to fall to 1609.00.
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