Monday, November 16, 2020

GOLD Analysis - Price Will Test 1900.00 For Clearer Clues

 After showing price increases last Friday, gold is seen to continue to trade slowly while investors are still waiting for clearer signals of sentiment in a market that is still squeezed between the outbreak of the Coronavirus which continues to increase with developments during the vaccine.

In the XAU / USD price chart, which shows the movement of gold prices versus US dollars, the price continues to increase after leveling out above the support level around 1875.00.

Onwards, on trades that continued earlier this week, the eternal price moves below the 1900.00 level which was the current hurdle face.

It is also seen that the US dollar which affects the movement of gold prices is still looking for a clearer direction. The main currency moved weaker earlier in the week after showing solidification last week compared to other safe-haven currencies that shrank.

Pelabur will judge whether there is a price to succeed over the face of 1900.00 or not. If the price wins over the hurdle, higher gains will also be centered on the 1910.00 zone prior to the 1938.00 zone.

Then, the resistance zone 1960.00 will be the main focus after the price drops from that level at the beginning of last week a moment after the report on the vaccine is loose on the market.

In case the gold price shrinks again, the price decline will return to the initial 1875.00 support level with a lower decline going towards the 1850.00 support zone which was broken when the price dip last week.