Hello everyone,
This week was not very good for trading. First of all the news about the result of COVID-19 vaccine were released on Monday. From my point of view, those news seen as a bad way of behaving gold because last monday we have seen a drop of gold, in price of 120€. Therefore do not think we will see any more decrease in the price of gold after
that the kind of news. The price of gold will start decreasing after big companies publish the news of COVID-19 vaccine usage . Nevertheless from fundimental side I assuming that the largest countries in the Eurozone went into lockdown mode at the end of October and today, Germany is talking about extending its partial lockdown for another month. Unlike France and Spain, which have seen their new virus cases fall, Germany and Italy are still struggling to contain their outbreaks. The difference between France and Germany is that in Germany, shops are open, while in France, only essential businesses can operate. So if we see a drop of infected in Spain and France, my opinion is that investors and traders will return to buy Euro. From trend and chart point of view we can see a inverted head and shoulder which is very good pattern to watch, rising wedge on the price and it´s forming slightly Higher-High and Higher-Lows which is also good indicator that price will rise. At the moment we can see testing a resistance line at triangle pattern so if you wanna to enter for buy I will wait for breaking of resistance line.
TP will be at price of 124.866 and SL will be under start of Higher-High
This week was not very good for trading. First of all the news about the result of COVID-19 vaccine were released on Monday. From my point of view, those news seen as a bad way of behaving gold because last monday we have seen a drop of gold, in price of 120€. Therefore do not think we will see any more decrease in the price of gold after
that the kind of news. The price of gold will start decreasing after big companies publish the news of COVID-19 vaccine usage . Nevertheless from fundimental side I assuming that the largest countries in the Eurozone went into lockdown mode at the end of October and today, Germany is talking about extending its partial lockdown for another month. Unlike France and Spain, which have seen their new virus cases fall, Germany and Italy are still struggling to contain their outbreaks. The difference between France and Germany is that in Germany, shops are open, while in France, only essential businesses can operate. So if we see a drop of infected in Spain and France, my opinion is that investors and traders will return to buy Euro. From trend and chart point of view we can see a inverted head and shoulder which is very good pattern to watch, rising wedge on the price and it´s forming slightly Higher-High and Higher-Lows which is also good indicator that price will rise. At the moment we can see testing a resistance line at triangle pattern so if you wanna to enter for buy I will wait for breaking of resistance line.
TP will be at price of 124.866 and SL will be under start of Higher-High