First down down down, then up. Rally 1690 -> 2590
Gold is very weak. Corona vaccine news will relief the market.
Due to the descending triangle the major support at 1850 will be tested again and will break. The price will drop till 1800-1810 area. Thereafter the chance to see 1850 as a resistance is very large. I think we will retest the 1850 resistance area at least 2 times.
The chance to hit the Fibonacci Speed Resistance Fan 0,618 is also large which means gold can reach below 1700.
As last I expect a rally to one of the two potential resistances next year.
Due to the descending triangle the major support at 1850 will be tested again and will break. The price will drop till 1800-1810 area. Thereafter the chance to see 1850 as a resistance is very large. I think we will retest the 1850 resistance area at least 2 times.
The chance to hit the Fibonacci Speed Resistance Fan 0,618 is also large which means gold can reach below 1700.
As last I expect a rally to one of the two potential resistances next year.