BullBearMkt

After Pfizer COVID-19 News Gold Resistance Levels Pilling-Up

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
After the news that a coronavirus vaccine was found to be 90% effective by Pfizer , gold 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.

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