What’s next for Gold?

Gold starts a new week on a positive note and touched $1,965 mark during the Asian hours. The pair reverses previous gain and currently spikes down to $1,901 mark ahead of U.S. session. Gold remained strong and rose sharply in previous week during U.S. NFP job data, Interest Rate Decision and lastly Joe Biden’s Victory as U.S. President. Now the next question is what to keep in mind before taking any Entry/Exit in Gold?

Responsible News to bring sudden movement in Gold:

  • Pfizer/BioNTech – Experimental Vaccine Found To Be Over 90% Effective In Preventing Covid-19
  • Pfizer/BioNTech: Plans To Seek U.S. Emergency Use Authorization Soon After Safety Milestone Is Reached In Late November
  • Expects Trial Will Reach Final Analysis Point Of 164 Infections By First Or Second Week Of December
  • The vaccine is the first to be tested in the United States to generate late-stage data
  • Saudi Energy Minister – We can tweak OPEC+ Agreement
  • Saudi Energy Minister – There could be tweak beyond what analysts have raised

Technical Analysis:

XAU/USD (Gold):

Gold spikes down immediately after Covid – 19 Vaccine News. Today pair made intraday high at $1,964 and low at $1,901 mark. A sustained close above $1,951 requires for the upside rally. On the other side, consistent close below $1,922 will check key supports as well. Key support levels are seen around $1,902, $1,894, $1,882, $1,876, $1,857, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,967, $1,974, $1,982, $1,991, $1,999 and $2,000 marks respectively.

Take a look and do trade wisely!
Good Luck

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