Gold jumps $16 to renew 9 years high above $1898.
The Fundamental side for current session is Bullish and the Lows on DX are also extremely Bullish for Gold , which on any other period (without Covid-19) should have been Bearish for Gold .As covid-19 cases are still increasing. I can't confirm sell on gold but the DX is still not recovering and the Stock markets on Highs,and the news came out about the Corona Vaccine that USA has made and that will be fully ready to use in the next coming 2 months and thats the key factor of gold's bearish movement maybe after some time.
China ordered to close the US consulate in one of its cities in response to its consulate closure in Houstan earlier.
China also launched its first Mars mission two days ago which clearly indicates that China has now fully recovered from Covid-19 and is projecting to massive developments.
As we can see GOLD's Higher high is on 1,898 on the H1,H4 time frame in the Zone (consolidation area) .At the moment gold is on 1888 and there are low chances of rebound towards sell area below 1870. $1920 is not far. 1898 is a strong resistance now followed by 2011 moves. In case if its break the support level of 1870, then there will be more chances that gold will touch the support level of 1840 and adopt the zone between 1820-1840. If Gold leaves this zone towards downside, its next target will be 1785. But there is nothing that can stop GOLD's bullish momentum so far.
CHINA NEXT SUPER POWER?
The Fundamental side for current session is Bullish and the Lows on DX are also extremely Bullish for Gold , which on any other period (without Covid-19) should have been Bearish for Gold .As covid-19 cases are still increasing. I can't confirm sell on gold but the DX is still not recovering and the Stock markets on Highs,and the news came out about the Corona Vaccine that USA has made and that will be fully ready to use in the next coming 2 months and thats the key factor of gold's bearish movement maybe after some time.
China ordered to close the US consulate in one of its cities in response to its consulate closure in Houstan earlier.
China also launched its first Mars mission two days ago which clearly indicates that China has now fully recovered from Covid-19 and is projecting to massive developments.
As we can see GOLD's Higher high is on 1,898 on the H1,H4 time frame in the Zone (consolidation area) .At the moment gold is on 1888 and there are low chances of rebound towards sell area below 1870. $1920 is not far. 1898 is a strong resistance now followed by 2011 moves. In case if its break the support level of 1870, then there will be more chances that gold will touch the support level of 1840 and adopt the zone between 1820-1840. If Gold leaves this zone towards downside, its next target will be 1785. But there is nothing that can stop GOLD's bullish momentum so far.
CHINA NEXT SUPER POWER?