Theme Of The Week – FEAR
On my last note (Refer : https://marubozu.co/where-do-we-gold-from-here/), I did mention being Bullish on Gold.
Not due the Covid-19 nor the expectation on Fed to cut their Interest Rate (which they initially did by half basis points).
But just by looking at the current Price Action, Gold still have the desire to move further North.
1700 almost break on the 1st week of March.
And again, being Bullish Bias on Gold, Price will try to find it’s momentum before hitting that mark anytime this month.
Then again, a significant reversal pattern might demolish my simple Technical Analysis on this Safe Haven instrument.
Looking at the Weekly Chart, price manage to break beyond the Bear Engulf Candle formed last month.
This suggest that Buyer being dominant throughout the week.
Daily Chart suggest that a slight pullback may occur this coming week to form a new Higher Low.
And lastly on the H4 Chart, I’m eyeing on the two significant zone and wait patiently for a nice setup to go long once again.
European countries are on high alert as the coronovirus (namely Covid-19) is spreading rapidly across the region.
I’m guessing the ECB (European Central Bank) might go off and go beyond its 0% interest mark to the negative territory this week to boost its economy.
Having said that, a slight pullback is in play on the EURUSD.
A strong rally breaking out beyond the down channel took place last week.
This suggest a strong Buy sentiment towards the EURUSD.
Eyeing on a Pullback on this one before hitting that Buy Button.
As some may know – Patience Is King
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