Gold: Bulls holding crtical support 1877$ expecting pull back towards 1950$

Dollar under correction short term and send GOLD critical support level 1875$.
Pull back expecting from Support level 1865$.
LongTerm Gold bullish and Year-end expecting above 2100$

M.Ali Zah All My Pips

Gold price got rejected once again at $1,970 and as we said last week, this was a bearish sign that could push price back towards $1,900 the lower triangle boundary. Price has now reached this critical support area at $1,880-$1,875 and if it is broken we should see price under pressure for a move towards $1,800-$1,7900.

Currently, Daily chart and H4 chart showing oversold and near term expecting some correction upside or pull back towards 1930$ Resistance from support 1865$- 1875$ If this support level holds, then a bounce towards $1,950 could follow. Price is moving sideways for more than a month. Is it time for the price to break out downside or pullback, IF Support level break we could see major support level 1825$ and 1790$, alternative Dollar under correction before Election USA 3rd NOV 2020.

LONG TERM: GOLD looking all-time high 2150$ expecting end of the year,

SUPPORT/RESISTANCE

✅S1= 1865$
✅S2=1830$
✴️R1=1930$
✴️R2=1985$

Author

M.Ali Zah

All My Pips

M.Ali has 10 years of experience in analysing and covering the global markets, with specialization in Forex and commodities markets.

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