gold still bearish on no US stimulus and covid-19 vaccine news
I understand that many people are still bullish on gold which is perfectly fine. Many wouldn't agree with me that 1700 is the best buying zone. It is in confluence with a strong demand zone and the 0.618 Fibonacci retracement level - of a long 2020 bull run since the beginning of the year - is in the Zone. As for the traders who use moving averages to analyse price action, the 200-day moving average is just below the 1800 level. This is the only support that stopping the price of gold from getting to the 1700 level. I expect some form of consolidation above the 200 day moving average before heading lower if there will be no us stimulus under a standoff in the us senate if the Democrats fail to win the two Georgia runoff Senate seats.
Of course in the long run expect gold to head for $3000
Short-term 🎯
$1765
$1725
$1700
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