Gold neutral

Will the gold correction continue?

16 march 2022 82
Elena_Berseneva
Elena_Berseneva

Listed among the best MarketCheese authors
1st in the segments "Indices", "US stocks" and "Metals"
2nd in the segment "Currencies"
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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.

Elena_Berseneva
Elena_Berseneva

Listed among the best MarketCheese authors
1st in the segments "Indices", "US stocks" and "Metals"
2nd in the segment "Currencies"
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