Thursday, November 19, 2020

Investor hesitates, Look, GOLD, Come Down Again!

 Enduring market sentiment was mixed so that the end of the week failed to give a clear signal to investors for financial and commodity trading.

Gold trading towards the end of the week moved lower after prices failed to remove the $ 1900 mark on the upside earlier in the week.

On the XAU / USD chart, which measures the value of gold against the US dollar, the price is increasingly showing a decline in trading that continues to the European session today towards the support level of 1850.00.

Investors are already seeing initial signs of lower prices in the New York session overnight if rising prices fail to remove the moving average 50 (MA50) barrier on the 1-hour frame.

Hence, prices closed trades lower below the 1875.00 support level before the losses continued on the day.

The decline in prices was seen as being driven more by the strengthening of the US dollar which also put pressure on other major currencies.

Even so, investors remain skeptical about market sentiment that still mingles between vaccine developments and the increasingly worsening outbreaks of the virus.

If the decline in price is lower than 1850.00, the next level of support will be seen at the pivotal level of 1800.00 prior to this.

However, if the price makes a surge, the level of 1875.00 and resistance 1900.00 will be the support for the price.