GOLD is likely to penetrate the key area of 1850
open interest:
I've checked the open interest on CME website
the 1850 and 1800 got the highest number of over 6000.
That's the key zone we should have an eye on!
Momentum:
Obviously, battle btw sellers and buyers are still going with no clear result.
however, with the sign of the lower low below the 50 EMA, I guess the upside momentum is weak which might result in the penetration
of the area of 1850.
Fundamental analysis:
The news of the vaccine has undermine a key factor that support the rise of gold. With uncertainty removed, it will rely more on the movement of dollar.
I've checked the open interest on CME website
the 1850 and 1800 got the highest number of over 6000.
That's the key zone we should have an eye on!
Momentum:
Obviously, battle btw sellers and buyers are still going with no clear result.
however, with the sign of the lower low below the 50 EMA, I guess the upside momentum is weak which might result in the penetration
of the area of 1850.
Fundamental analysis:
The news of the vaccine has undermine a key factor that support the rise of gold. With uncertainty removed, it will rely more on the movement of dollar.
Comment:
It got some buying pressure around the 1850 level. I will change my bearish opinion after price firmly close above 1900 where the recent high sat.
Comment:
AS expected, gold penetrated thru the level of 1850, the next key level is 1800. Let's see.
Comment:
Price is coming close to 1800. I'd like to long at the level around 1750. That's the place I'm interested in.
Comment:
After drastic drop, it seems gold is picking up some momentum around 1800. Sellers need to take a breathe.
plan your trade and trade your plan
