Gold in wait-and-see mode ahead of US election; bears eye 1,900 [Video]
Gold completed another indecisive week , maintaining a horizontal trajectory within the 1,848-1,930 area as the final countdown to the US election nears an end, the stimulus confusion remains intact, and vaccine hopes rise. Gold sellers are dominating
Gold sellers are dominating. Last 3 months selling on rallies was dominant strategy for positional intraday traders. Occasional longs are possible only with the strict timeframes such as 15m.
W H4 and 78.6 are making a confuence close to the previous top. 1919-1922 is the POC zone where we might expect sellers to react. If the market gets higher above 1934 then sellers will be in trouble. I expect rejections off 1911-13 zone and 1919-22 zone. Targets are 1892 and 1882. Read More… Have you noticed gold rises in a risk on market? This short article is to point out […]
October 26, 2020 (updated October 26, 2020) Published by StockMan