phoenixTraders2020

The Bearish daily channel seems more stronger!

TVC:GOLD   CFDs on Gold (US$ / OZ)
As the daily timeframe shows, gold entered a long-term bearish channel after hitting a record high above $2,000 ($2080) in August, trying to break the channel and create a cycle with pre #us_election tensions. However after dealing with the #Channel_boundry and with the positive and statistical news regarding the production of #vaccine against #covid_19, we saw the sellers with the stronger power. Meanwhile, the case of the US presidency seems to be closing, therefore the expectation of investors to return to the growing market could further increase the power of the #dollar against #gold.
Now it remains to be seen whether in its corrective move and after hitting the tense zone of $ 1890-1910, it will continue the strong #daily downtrend, or again the disappointing news of #Corona, pushing the market towards #risk_averse and buying gold against the dollar. Will it leads?!

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