Gold ABC correction as stock market shows massive losses
Gold undergoing the ABC corrective waves after completing its 5 waves.
Playing off the idea that when stock markets show large losses gold tends to have show short term decline as investors sell off their gold for cash to close margins.
Trade plan is too long the B wave to around a 60% rebound of wave 5, and then to short C wave down with a tight stop loss, in case gold decides to continue up to the 1700 region, from an increase in demand of gold from the mega wealthy and governments.
Overall outlook for the time being however is very bullish, as there is growing concern of being on the brink of a financial crisis, as COVID19 concerns continues to scare the stock market.
Playing off the idea that when stock markets show large losses gold tends to have show short term decline as investors sell off their gold for cash to close margins.
Trade plan is too long the B wave to around a 60% rebound of wave 5, and then to short C wave down with a tight stop loss, in case gold decides to continue up to the 1700 region, from an increase in demand of gold from the mega wealthy and governments.
Overall outlook for the time being however is very bullish, as there is growing concern of being on the brink of a financial crisis, as COVID19 concerns continues to scare the stock market.
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