Monday, November 9, 2020

GOLD Trading Continues to Rise, Targeting to $ 2000 Level?

 The price of gold has shown an increase over the past 2 weeks influenced by the market reaction to the 2020 US Presidential election environment which is the focus worldwide.

The change in the value of the US dollar against election sentiment is a major factor influencing current gold trading.

It can be seen that the movement in the price of gold on the XAU / USD chart last week has moved above the price level of 1900.00 and continued to rise above the resistance level in 1938.00 to record the latest high of 6 weeks.

Before closing last week's trading, the highs reached on Friday around 1960.00 with the US dollar expected to continue weak this week after the defeat of Donald Trump.

In the Asian session for the start of trading this week, prices are seen continuing to rise with the latest highs reached in 1965.00 before declining back to the support zone of 1953.00.

A higher rise is seen to test the initial resistance in 1975.00 before the main destination price is to the 2000.00 high.

The price of gold has reached the level of above $ 2000 in early August and recorded the all-time high. Can prices return to the record in the near future?

However, investors need to remain vigilant in the event of a fall in gold prices after a drastic increase last week.

The price support level is seen at the level of 1938.00 which forms the RBS zone (resistance become support) and if the lower decline continues, the RBS zone 1910.00 will be the next focus.