YamarketsAcademy

Gold remained steady near its three week peak

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold remained steady near its three week peak on Monday as the dollar recovered some ground but the prospects of more US Coronavirus relief spending and uncertainty around next month’s presidential election put a floor under prices. The Trump administration called on Congress to pass
a stripped -down Coronavirus relief bill using leftover funds, as negotiations on a broader package stalled ahead of the November 3 presidential election.

Technically, Gold hovering on a support zone 1900-1920 with pivot at 1911 and support at ma50 (h4) at 1904. Upside resistance lies at 1922. For the day we advise to stay on buy on dips for upside ma200 as an initial target., a break above and settle scan rise sharply till 1936 or d ma50. A break that says a chart channel resistance breaks can leads to directly 1984-1995 initial resistance zone . Overall buy on dips is advised for the day.

Suggestion: BUY GOLD FROM 1910-11 SL BELOW 1895 TGT 1920-25 ELSE SELL BELOW 1895 TGT 1880/1875 SL ABV 1915

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