Friday, November 13, 2020

GOLD Horizontal Movement Makes Investors Anxious

 Gold prices moved slowly towards the trading weekend with horizontal movements seen on the XAU / USD chart.

After the price plunged at the beginning of the week until it reached the support level of 1850.00, the horizontal price movement is above that level but remains below the price level of 1900.00.

Investors are back on the alert following an increase in cases of Coronavirus infection that faded the positive sentiment of vaccine reports earlier this week.

The price is moving slowly above the 1875.00 level on continuing trading today since the New York session yesterday.

The US dollar, which influenced gold trading, was also seen looking for a clear direction with mixed market sentiment.

Price movements are expected to continue slowly until investors get clearer signals especially the development of vaccine testing.

Evaluating the XAU / USD price chart, if the price rises, the level of 1900.00 will be the main focus of the price which is the current resistance level.

Exceeding that level will push the price to continue higher up to the previous focus zones as around 1910.00 and also 1938.00.

However, if the price continues to plunge lower as it did earlier in the week, the support level of 1850.00 may not be able to cover the price to fall lower.

Further decline is expected to return to the previous focus level of 1800.00.