phoenixTraders2020

Gold Rally with strong momentum!

TVC:GOLD   CFDs on Gold (US$ / OZ)
After weeks of dollar gain in market, by confirming new administration in US and hopes for stimulus by new treasury secretory in White house, dollar started weakening since Wednesday and Gold with other valuable metals went on a high momentum rally after that. This rally crossed $1850 resistance zone and then passing long term down trend to move forward through $1900 resistance zone . Traders know that high momentum mostly will ended up with cycle change. Therefore better to wait to see the reaction after touching next resistance zone .

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