Good day traders, first of all I would like to apologize for not uploading any analysis for the past few days due to real life commitment which is to handle my team and my family. However, we are back to another one of the most traded commodity pairing, XAUUSD, also known as GOLD vs USD.
Gold has been really bullish recently due to fundamental supports such as conflict between US and China, covid19 second wave, Hong Kong and China relationship and etc. All these factors have directly contributed bullish movement to gold, as a safe haven and good hedging tool.
As of now, gold has retested 2011 high, at 1820 and if we want to see gold to top 1900, first, it's gonna have to break 1820, as well as the uptrend (as indicated with black color line). However, a break of the uptrend (yellow channel), will expose the price to drop to 1765.
Hence, we would want to see gold to break above 1820 or to break below the uptrend (as indicated with yellow color line) to get into the gold market.
Happy trading. Always go for a clear entry and it's always you versus yourself, not you versus the market.
Gold has been really bullish recently due to fundamental supports such as conflict between US and China, covid19 second wave, Hong Kong and China relationship and etc. All these factors have directly contributed bullish movement to gold, as a safe haven and good hedging tool.
As of now, gold has retested 2011 high, at 1820 and if we want to see gold to top 1900, first, it's gonna have to break 1820, as well as the uptrend (as indicated with black color line). However, a break of the uptrend (yellow channel), will expose the price to drop to 1765.
Hence, we would want to see gold to break above 1820 or to break below the uptrend (as indicated with yellow color line) to get into the gold market.
Happy trading. Always go for a clear entry and it's always you versus yourself, not you versus the market.
