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20.11.202018:13 Examiner les analyses forex: Gold continues to respect key support at $1,850

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Gold price is bouncing again off the key support of $1,850. Price made a low this week at $1,852 and is now trading at $1,872. Support has held once again. No sell signal given. Bulls need to break above $1,900-$1,906 resistance in order to challenge $1,950.

Exchange Rates 20.11.2020 analysis

Red rectangles- resistance levels

Green rectangle- key support

Gold price continues to trade sideways.For a bearish signal price must break below the green rectangle and stay below it. First obstacle for bulls is at $1,906. Breaking above it will push price towards the next major resistance at $1,950. We prefer to be neutral at current levels or open small long positions near support levels and small short positions near resistance levels.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2020

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