I would like to see Gold retrace to 1801.90, before following the downward trend. As i've mentioned already, Gold respected the on multiple occasions throughout last week.
However, we have seen a lot of recently in Gold as investors are taking their money out of Gold and investing elsewhere. Gold has been used as a 'safe haven' for Investors, whist COVID has caused uncertainty in Stocks and Shares. Although, the vaccine has now put confidence in Investors to start taking their money and re-investing in stocks. This is why we're seeing large sell-offs.
I will be trading XAUUSD cautiously in the coming weeks, as I still believe we will see a further spike, favoring the Bears.
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