prices continued to move sideways on the back of multiple events and updates floating in the market, although if the metal could not keep up pace it will be on the track for its first weekly decline in three weeks for the metal. On the bright
side for the metal yesterday, President Trump announced that he is willing to raise his offer of $1.8tln for a Covid relief bill, although this idea was shot down by his fellow Republican itself, putting cold water on this little ray of hope. Europe and few states in U.S. are battling surges in COVID-19 cases, with new infections and hospitalizations rising to record levels, increasing worries and keeping the floor strong for gold
. Increase in the weekly jobless claims to it's two
week high in the yesterday's session also supported gold
on the lower levels. Market participants will keep an eye on the Retail sales and Industrial
production data from the US; in case of any decline could further support the metal.
With the trend on gold
higher since 2016, and the weekly timeframe
demonstrating active support at $1,882, buyers still likely have a strong hand in this fight. Traders may interpret chart structure as a cue to begin pursuing bullish
themes off the current H4 trend line
support, while conservative buyers might prefer to wait and see if the unit conquers H4 resistance at $1,916 before taking action.
Suggestion: BUY GOLD
FROM 1906-07 SL BELOW 1894 TGT
ELSE SELL BELOW 1894 TGT
1885/1880 SL ABV 1905