Gold jumps $15 to renew 9 years high above $1865.
As we can see GOLD's Higher high is on 1,865 on the H1,H4 time frame in the Zone (consolidation area) .At the moment gold is on 1859 and there are low chances of rebound towards sell area below 1840. Gold is expected to breach the zone between 1840-1865. $1920 is not far. It will remain in consolidation this week probably in the current zone of 1840-1865. 1865 is a strong resistance now followed by 2011 moves. In case if its break the support level of 1840 than there will be more chances that gold will touch the support level of 1820 and adopt the zone between 1820-1795. If Gold leaves this zone of 1795-1820 towards downside, its next target will be 1785-1765 but there is nothing that can stop GOLD's bullish momentum so far.
The Fundamental side for current session is Neutral but the Lows on DX are extremely Bullish for Gold , which on any other period (without Covid-19) should have been Bearish for Gold .As covid-19 cases are still increasing. I can't confirm sell on gold but the DX is still not recovering and the Stock markets on Highs,and the news came out about the Corona Vaccine that USA has made and that will be fully ready to use in the next coming 2 months and thats the key factor of gold's bearish movement.
The Red oval area indicates the restricted area and trading should be avoided here.
Comment below if you need any Help.
As we can see GOLD's Higher high is on 1,865 on the H1,H4 time frame in the Zone (consolidation area) .At the moment gold is on 1859 and there are low chances of rebound towards sell area below 1840. Gold is expected to breach the zone between 1840-1865. $1920 is not far. It will remain in consolidation this week probably in the current zone of 1840-1865. 1865 is a strong resistance now followed by 2011 moves. In case if its break the support level of 1840 than there will be more chances that gold will touch the support level of 1820 and adopt the zone between 1820-1795. If Gold leaves this zone of 1795-1820 towards downside, its next target will be 1785-1765 but there is nothing that can stop GOLD's bullish momentum so far.
The Fundamental side for current session is Neutral but the Lows on DX are extremely Bullish for Gold , which on any other period (without Covid-19) should have been Bearish for Gold .As covid-19 cases are still increasing. I can't confirm sell on gold but the DX is still not recovering and the Stock markets on Highs,and the news came out about the Corona Vaccine that USA has made and that will be fully ready to use in the next coming 2 months and thats the key factor of gold's bearish movement.
The Red oval area indicates the restricted area and trading should be avoided here.
Comment below if you need any Help.