Chart of the Day: Spot Gold (11/09/2020) | alb.com
From the highs made on 07/08/2020 at 2075.03, Gold has been in a downward trend and particularly in a range between 1900 – 1970. However, with yesterday’s low at 1941.36 and today’s price trading below, provides the technical confirmation that gold may be poised for a move lower. Particularly when we consider the downward sloping channel and the close on 01/09/2020 which closed with an inverted hammer and the subsequent two sessions traded lower by over $40, if we anticipate that such a move is probable considering yesterday’s close was also an inverted hammer, a $40 move would see price around $1900.00 which will also be testing the 50 daily EMA. In order to realize the bigger bearish projection where I anticipate the gold price to test $1838.00, it is critical that price closes below $1900.00. Hence, factors which could influence the price of gold include the U.S. elections, Dollar strength, U.S. – China trade deal, easing of tensions and improved business relations between the U.S. and China, containment of the coronavirus pandemic and global economic recovery.
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