As posted yesterday, price is retracing and reacting to Q4 2020 earnings report.
The price is holding steady at 42.xx support which goes as low as $38.00. Price should begin to rise now as things settle down. Long entered here as price expected to rise up to $50+.
SL & TP on chart.
Price has steadily rectraced down to 43.xx as expected after bullish few months. With news of Q4 2020 earnings down, price continued down today. I expect the price to reverse and steadily aim for £75 over the coming months.
Trade with SL.
Gold dropped to 1823 after major rejection at 1855 yesterday and 1848 today. Now it will retest to 1830, before dropping to 1798. Manage risk and trade safe.
SL: 1836 - may retest anywhere between 1830-1836
As the US reopens, the gold should weaken against the USD. This will mean gold will lower itself down to 1600-1700 level in the coming weeks. It is unlikely to break the 1800 mark as others have pointed out. Use stop loss, but expect a little rise before the big fall.