GOLD: will it stay in the channel?

GOLD: will it stay in the channel?

2020-10-13 • Updated

Yesterday, when this article was out, the gold price was  $1 922. Since then, it has moved down to the current $1 914. The question is: will it stay in the channel or not.

Fundamentally, the market starts trading with risk-off moods in the stock and currency sectors. That may change as the day goes by, but so far, that should – by the market’s logic – push gold price back up.

If that happens, you should witness reversal at $1 910. To detect it, watch for reversal chart and candlestick formations on smaller timeframes. Otherwise, $1 910 will be crossed and will open the way to lower bearish targets with 50-MA and $1 900.

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