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2021-01-20 • Updated
Have a look at the daily chart below. At the first sight, gold has been in a downtrend since summer 2020. However, since it dropped to 1 765, it never continued the downtrend in an equally distributed channel that's been there since July till November. Instead, while the resistance stayed at 1 960, the lows have not gone downwards so far. So, does it mean we are now at the bottom of the uptrend that will push the price back up to 1 960 and above? That's a possibility to be verified with time. Therefore, here are your tactical scenarios.
The price may reach local highs around 1 900 by the end of January, then it goes downwards below 1 800 again to possibly reach 1 765 again in the middle of February; after that, it may revert to the upside again. Eventually, it may come to 1 960 by the end of February.
The gold price is now right after a newly formed low; it will go upwards to test the resistance of 1 960 in the first days of February.
The video below may give you some more details on setting the levels and making price projections - watch it and use it to elaborate a sound strategy to trade gold!
There is a period every stock trader loves the most due to significant movements, increased volatility, and, possibly, big gains. Open your trading apps and be ready to act! Earnings season comes four times a year and we crave to share our expectations with you.
Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
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