Gold- 1900 is very probable till New Year

5 de dez. de 2020

After the drop under 1800 psychological level on last Friday of November (NY closed) and the drop to 1765 local low, both on very thin markets may I add, Gold recovered strongly on Tuesday and the strong bull candle engulfs the drop and completes a morning star pattern. This makes me believe that the medium-term downtrend is over and Gold is ready to resume its long term uptrend
This Friday's NFP only brought some volatility with price trading in a range between 1832 and 1847 and drawing a star on our daily chart.
At this point, I'm bullish on Gold both on the medium and long term and I expect 1900 to be tested till the end of the year.
Though I can't rule out down spikes to 1818 support or even towards 1800, this should be considered good opportunities to build up longs for an 1850 break and a run to 1900