Gold shining on global risks! bulls ready for 1805$!

M.Ali Zah All My Pips

Gold Price pulled back from $1690 critical support but until the end of the week, price managed to reclaim the $1,733-resistance area. Gold bulls remain in control of the trend and could try to push the price to new higher highs once again 1650$, 1670$

Gold currently Proforming tow different trends short term downside and long term upside, but last week downside trend break 1713$ and manage to come back $1733 Resistance. At the moment Gold under trend line of long term line,

Two things expecting Gold could break 1733$ and go upside resistance 1746$ and 1756$. If the price failed to break the trendline then alternative short opportunity towards Support level 1710$ and 1695$ where we see new Buyer take higher high.

Gold is trading in the green for a second session after the temporary correction, the price has managed to stay above the $1,733 level signalling that the outlook is still bullish.

The tensions between the US and China and the global economy slow recovery has pushed the price higher again.

COVID-19 lockdown measures were eased lately, but unfortunately, the risk is high as the global economy could step into recession. The current US depreciation pushes the gold price higher at the end of the year.

SUPPORT/RESISTANCE

✅S1= 1690

✅S2=1660$

✴️R1=1733$

✴️R2=1767$

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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