GOLD has moved dramatically against the all-odd, ignoring the good economic data or accepting yield pressure. 1750 is the limit to cross for bulls and bears to hold the nerves below 1700. So in between these areas, a lot of noise will remain dominant.
GOLD bears are in very much control but they meet multiple support zone, weekly EMA support, trendline support, and bulls breakout level. A side-bound movement is seen before Gold will further decide its direction.
Gold has fallen to the level it had had broke out. Tumbled by the Vaccine approach to the market. Blended by rising bond yield and economic recovery. So it will in hands of bulls or bears, we will see on deciding point.
The Gold has completed its retracement phase and ready to fall below the 1700 level for a heavy sell in the 1600 zone. The next target is 1680 in the near-term where it will decide the long-term direction.
Gold may turn back to the 1770 zone as buyers can enter to profit-taking against the USD correction move but the outlook remains negative or bearish for Gold. Gold will remain calm for early weekdays, but economic data in late-week can turn things in again.
USDCHF has shown strength at the resistance level and is ready to break the top resistance, a buy entry on indicated retracement level could give us a potential profit target at the 1.9500 level. Good luck with your trades.
Gold is trading nearly flat on Thursday after testing an 11-week low earlier in the session, underpinned by a weaker U.S. Dollar and a slight dip in U.S. Treasury yields. Gold is currently trading inside a long-term retracement zone at $1787.30 to $1711.70. This zone represents value so we could start to see some bottom-picking.
Bullish trend remains strong amid Brexit, targeting 1.4400 level but a retracement/pullback is about to take place to settle down profit taking by trades and an opportunity to buy, long term target is 1.5000 level.