Gold (XAU/USD) is trying hard to extend its recovery from six-week lows of $1850, reached after the coronavirus vaccine optimism negated the immediate need for fiscal and monetary stimulus.
However, the continued escalation in the COVID-19 cases in Europe and the US has revived the calls for additional stimulus, in a bid to support the global economic recovery, which eventually underpins the sentiment around gold. With the US observing Veterans Day, thin trading conditions could exaggerate the moves in the bright metal. Gold: Key resistances and supports
Despite the upbeat momentum, the Technical Confluences Indicator shows that the yellow metal is struggling below the minor resistance at $1888, which is the Fibonacci 38.2% one-month.
The next critical resistance is aligned at $1891, the meeting point of the previous day high and pivot point one-day R1 at $1897 could likely challenge the bull’s commitment.Further up, the $1903 barrier is the level to […]
November 12, 2020 (updated November 12, 2020) Published by StockMan