GOLD reversal pattern was due to the phycological resistance point of 1766 and the support point 1700 has offered bulls a stimulus to enter for long trade which offers plenty of profits. There is optimism about economic recovery and vaccines. Economies are reopening but the concern is how well will it be able to recover. Economic data such as Jobless claims, Consumers' confidence, production activity are filled with a lot of concerns.
So sell rally halted. Fundamentalist and technical traders bother are on the same page to long the Gold to its target of 1800 as it was discussed in the previous chart. In this chart the Gold trade pattern has been explained. News and events will offer many pullbacks but Gold will be bullish for quite a while now as US-China tension will escalate.
So sell rally halted. Fundamentalist and technical traders bother are on the same page to long the Gold to its target of 1800 as it was discussed in the previous chart. In this chart the Gold trade pattern has been explained. News and events will offer many pullbacks but Gold will be bullish for quite a while now as US-China tension will escalate.
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