After the news that a coronavirus vaccine was found to be 90% effective by Pfizer
reactions to the hope that an end to the pandemic has become nearer was negative, dragging gold
price towards the lower part of the daily bullish wedge
at 1850. Gold
price has since retraced almost a quarter. The hurdles to overcome by the metal is therefore increasing with a possibility for gold
to re-test recent support (or even further down) before another rally could occur.
Overall, daily gold
outlook is still in corrective structure with both weekly and monthly bullish
structures remain intact.
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades