since Gold crossed into negative sentiment at the end of February, has yet to be oversold. Last time it has been oversold it was in the summer of 2018 between June and August.
Remember the Bull Run starded on Aug.16th, 2018? That was the last day Gold has been oversold.
Having said that, please note the 3S representing areas of supports for the correction of the bull run.
The 3rd S met with support of the 569SMA and pulled back when NFP were released between Powell's and Draghi's speaches in week17 and week18.
The pullback helped Gold to breach the hypotenuse of the and regain positive sentiment.
Fundamentals supporting gold IMHO at the moment may be:
1) US China Trading negotiations not progressing;
2) US rising tensions with Iran;
3) People are not buying the dip in the stock markets that is on the hedge of a cliff watching an abyss below 2800;
4) DXY fell briefly below 97;
Please also note that the pullback was stopped at 1300 which is psycological and may hide strong resistance.
For further information on previous structures please refer to related ideas links below:
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