Blake Morrow’s Chart of The Day – Mar 5th 2021

GOLD

Traders love to buy dips and sell rallies, especially when we feel something is “overbought” or “oversold.” Gold is probably in the ‘oversold” camp as RSI remains in oversold territory and now at/near key support. We have been targeting (at Forex Analytix) the 1670 to complete and AB=CD or bear flag pattern. Now that we are about here, is it time to buy? Yields rallying while bonds drop globally is the risk for further losses, but I will be watching how the gold market responds at the 1641 161% Fibonacci golden ratio retracement should we get there.