Short Term/ Mid Term Trade - Gold has respected the 1801 support zone last week, which eventually broke on Friday afternoon.
I would like to see Gold retrace to 1801.90, before following the downward trend. As i've mentioned already, Gold respected the Support Zone on multiple occasions throughout last week.
However, we have seen a lot of volatility recently in Gold as investors are taking their money out of Gold and investing elsewhere. Gold has been used as a 'safe haven' for Investors, whist COVID has caused uncertainty in Stocks and Shares. Although, the vaccine has now put confidence in Investors to start taking their money and re-investing in stocks. This is why we're seeing large sell-offs.
I will be trading XAUUSD cautiously in the coming weeks, as I still believe we will see a further spike, favoring the Bears.
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