Gold justifying the title of a defensive asset has reached the target faster than expected and it is correcting at the moment.
It is interesting that since the beginning of the year, there has been a direct link between Gold and Brent, and WTI crude. Amid the geopolitical instability, gold is growing as a safe haven asset while oil is growing due to sanctions restrictions.
Like black gold, the metal has reached the Fibonacci retracement level of 50% and "stuck" into the line of the uptrend.
To predict the further Gold movement by analogy with Brent crude, the trend is expected to be tested for strength.
This content is for informational purposes only and is not intended to be investing advice.
