Gold / US Dollar, Weekly Daily Chart Analysis November 16, 2020

TradingSig Updated   
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Technical Analysis and Outlook
Gold is experiencing a period of consolidation as the sentiment traders' and investors' stance is low - encouraging additional hedging. The upcoming week’s trading could very well mark the beginning of an epic squeeze on commercials and bullion banks' trading desks. In this scenario, Gold shows some very high chances to drop one more time: To Key Sup $1,798 and fulfilling Outer Gold Dip marked at $1,758 before a major take-off - the expectation of this to happen is very high.
To continue the rest of the market story, see the 'Weekly Market Review & Analysis For November 16, 2020" at the usual site.
BTW, Do you know why Gold has been smashed? I just totaled the expiring Dec Gold calls options on Comex with strikes at $1800 or better – get this, there are about 150,000 of them. This is why Gold has been crushed so that they expire worthlessly!

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